Blackmores coming good
1.16 pm The pennant looks to have broken to the upside for the index. We're at 6250, up 35 points. This is despite fear about tariffs coming into force today barring a last minute compromise. Perhaps it's the safe haven effect as Chinese markets are down again and US futures are a touch lower.
My large caps are doing pretty well. I sold the last of the Resolute at 142 though I still like the chart a lot. However, the active book tends to be shorter term where my super fund will hold for longer moves. QAN is extending its move and is up 1.4%. Best performer for me is Blackmores in the small cap book. I got into this prematurely because I liked the structure a lot. Yesterday's early sell off tested support and formed a higher low. Today the stock has rallied 4% to 14480 and is close to a breakout. Reaching 160 dollars a share would not be a stretch if it got through short term resistance at 14550.
3.04 pm There are quite a few short term buy signals out there, almost an occupational hazard when the market is firm as it's easy to be gung ho. I'm limiting myself to 4 small positions out of about 12 signals and one of them is BHP. My take is that the stock corrected in a pennant shape and the rally from just above 3200 to just above 3400 last week was the first part of a new wave higher. With that in mind, there's a neat entry today and I'll look to buy on the close. Ideally there'd be a push to 3500 or so.
4.19 pm It was a strong day with a touch of selling into the close in the SPI but it didn't dent the ASX 200 which finished up 57 at 6272, just one point lower than the intraday peak.
I added a few small longs, it's hard to chase the strength especially when our market has been outperforming so I'm focussing on stocks that are coming back from recent sell offs. In the small caps, one of these is CAN which has tentatively made a higher low and turned back up today. Long at the closing price of 308.
My large caps are doing pretty well. I sold the last of the Resolute at 142 though I still like the chart a lot. However, the active book tends to be shorter term where my super fund will hold for longer moves. QAN is extending its move and is up 1.4%. Best performer for me is Blackmores in the small cap book. I got into this prematurely because I liked the structure a lot. Yesterday's early sell off tested support and formed a higher low. Today the stock has rallied 4% to 14480 and is close to a breakout. Reaching 160 dollars a share would not be a stretch if it got through short term resistance at 14550.
3.04 pm There are quite a few short term buy signals out there, almost an occupational hazard when the market is firm as it's easy to be gung ho. I'm limiting myself to 4 small positions out of about 12 signals and one of them is BHP. My take is that the stock corrected in a pennant shape and the rally from just above 3200 to just above 3400 last week was the first part of a new wave higher. With that in mind, there's a neat entry today and I'll look to buy on the close. Ideally there'd be a push to 3500 or so.
4.19 pm It was a strong day with a touch of selling into the close in the SPI but it didn't dent the ASX 200 which finished up 57 at 6272, just one point lower than the intraday peak.
I added a few small longs, it's hard to chase the strength especially when our market has been outperforming so I'm focussing on stocks that are coming back from recent sell offs. In the small caps, one of these is CAN which has tentatively made a higher low and turned back up today. Long at the closing price of 308.
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