Rebounding favourites
12.35 pm The ASX 200 index is down 0.4% as a trading range forms in the 6150 to 6300 range after the decent swing up through June and early July.
One of the themes I've been playing is the recovery in tech favourites after a few weeks of retracement. So, Appen is up another 32 to 1314. I've sold out half at a few cents above that level having bought a couple of days back at 1224. Altium is doing well today and although it had a deeper retracement and looks less healthy technically, there's still room for a good bounce.
One that I have bought is Xero. It had a similar shallow pullback to Appen and is riding a steeper uptrend. Long at 4674. I'm not too keen to chase any more at these levels as it could chop around here even if my thesis is correct so I'd like to have room to buy more if that happened.
Otherwise, GXY and ORE are down about 1.5% on light volume while RSG and RWC are up similar amounts. I sold out of Netwealth for about 925 as the considered response to the upgrade was more muted than I hoped for. Entry price was 905.
All the small caps are up with Kogan being the best. I bought on Friday at 705 as it reversed from a deep sell off and I guess it's the same theme as Appen etc. Anyway, out of a third at 744 and hoping it might see 800 in the next day or so.
3.13 pm I've been buying NWH looking for the resumption following a pullback and it looks as if it's happening.
I did something similar in Resolute and wasn't patient enough as there still hasn't been the reversal day that came through in NWH on Friday. It was up early but is grinding lower now. It's looking extreme to me now so I'll hold on.
Orocobre is a misstep. I bought a small amount - fortunately - on Friday but I ignored an internal voice of caution. It looks like a clear misread to me. The rally through to Friday was corrective, choppy and overlapping and today it's driving lower. Technically a short now and looking like a pennant on the weekly. I'll get out of the long as best I can but there's no stock available to short it.
4.15 pm A slightly frustrating day in the large caps as early gains reversed though the small cap book did well. I added a new long there with another go at Livetiles at 55. It might just be the completion of a small 5 wave pattern, albeit in the context of a larger rally, but there's a chance that the move accelerates. Anyway, I'll find out tomorrow. It closed at 56.
Otherwise, the index was in a tight range for most of the day after the initial fall and the loss stayed around the 0.4% level with a final figure of 6241, down 27.
One of the themes I've been playing is the recovery in tech favourites after a few weeks of retracement. So, Appen is up another 32 to 1314. I've sold out half at a few cents above that level having bought a couple of days back at 1224. Altium is doing well today and although it had a deeper retracement and looks less healthy technically, there's still room for a good bounce.
One that I have bought is Xero. It had a similar shallow pullback to Appen and is riding a steeper uptrend. Long at 4674. I'm not too keen to chase any more at these levels as it could chop around here even if my thesis is correct so I'd like to have room to buy more if that happened.
All the small caps are up with Kogan being the best. I bought on Friday at 705 as it reversed from a deep sell off and I guess it's the same theme as Appen etc. Anyway, out of a third at 744 and hoping it might see 800 in the next day or so.
3.13 pm I've been buying NWH looking for the resumption following a pullback and it looks as if it's happening.
Orocobre is a misstep. I bought a small amount - fortunately - on Friday but I ignored an internal voice of caution. It looks like a clear misread to me. The rally through to Friday was corrective, choppy and overlapping and today it's driving lower. Technically a short now and looking like a pennant on the weekly. I'll get out of the long as best I can but there's no stock available to short it.
4.15 pm A slightly frustrating day in the large caps as early gains reversed though the small cap book did well. I added a new long there with another go at Livetiles at 55. It might just be the completion of a small 5 wave pattern, albeit in the context of a larger rally, but there's a chance that the move accelerates. Anyway, I'll find out tomorrow. It closed at 56.
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