Early entry in Qantas
12.41 pm The index has done quite well today rising 30 to 6207. US indices recovered quite well from early weakness, especially the Nasdaq. My short was ASX and unfortunately the hedge rallied more than the long in MND. I'm out of both, MND for 1525, a rise of 0.7% and ASX at 6469 which was a rise of about 0.8%.
Apart from that, I bought QAN at 625.5 and the stock has pushed to 633, up 17. There was a sharp pullback from 673 as the aggressive buyback finally completed. The stock is well thought of and there's no major concern about oil price rises. Dividends are due to be reinstated soon and the stock makes the high conviction list of some well managed funds. Anyway, I was looking for a cup type entry where the momentum slows with a doji or two and the stock reverses. Fingers crossed that the stock can maintain the signal through to the close.
Kogan is kind of similar except that it has fallen a lot further. Long at 701 in the small cap book and the stock has cracked 700 a couple of times today but is consolidating there now. It's a small position because I'll either be very right or very wrong.
4.25 pm The final gain was 32 points on a day when the bond proxies found support. The banks look ready to take another leg higher. I went for TCL. I almost bought it yesterday and it had another decent day without bolting so I paid 1220 on the close. I'm assuming it's another swing higher to something like 1260.
Apart from that, I bought QAN at 625.5 and the stock has pushed to 633, up 17. There was a sharp pullback from 673 as the aggressive buyback finally completed. The stock is well thought of and there's no major concern about oil price rises. Dividends are due to be reinstated soon and the stock makes the high conviction list of some well managed funds. Anyway, I was looking for a cup type entry where the momentum slows with a doji or two and the stock reverses. Fingers crossed that the stock can maintain the signal through to the close.
4.25 pm The final gain was 32 points on a day when the bond proxies found support. The banks look ready to take another leg higher. I went for TCL. I almost bought it yesterday and it had another decent day without bolting so I paid 1220 on the close. I'm assuming it's another swing higher to something like 1260.
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