Ring the bell for Telstra? Mon Mar 23

Two hours into the trading day the Aussie market is up 1.3% in a broad based rally. Even the weaker stocks are not showing signs of heading back towards their lows, they're mostly just pulling back after vertical rallies. Of the top 100, the only ones I could find that might give me a sell signal soon were ipl and mts.
On the positive side, there are quite a few stocks continuing to run or resuming after consolidation. I've added to my longs with a position in tls. I've taken a simple reversal signal with a break of last week's highs after a heavy 4 week slide. It's not a set up I'd always take - I generally like to see a higher low - but the market is bullish and similar recent set ups in mqg and nab have led to very sharp rallies. Here's the weekly chart.


The daily chart is supportive with a similar and stronger sort of bullish reversal. A black candlestick to new lows followed by a strong bounce back on Friday and a further rally breaking Friday's highs today. Going through my existing positions:

aoe - up 10 to 258 after pulling back on Thursday and Friday.

bsl - I'm sceptical really but after opening sharply lower this morning, bsl has fought back to be close to even. I see less upside for this than for my other stocks so I'm probably a bit closer to cutting this.

ctx - after chopping around at the end of last week this is now starting to look very good again.

fms - my speccy resource punt is a bit firmer and is charting well.

lgl - this has rallied well off a weak opening and has pushed up to 3 week highs but is starting to look temporarily complete on an intraday scale. I'm keeping a trailing stop fairly close.

ncm - slightly down on the day, looks like it should push above Friday's high in the next day or so.

Link energy, lnc, has consolidated after a sharp reversal and although it hasn't had a clean swing down on the weekly chart it has had a very tight consolidation and having fallen from 537 in late September to just under 100 a few weeks ago there is a fair bit of room to move.

The daily charts shows a bullish correction where the second leg down which completed on Friday did not go below the first leg down the week before.

After gapping up this morning on good news about the potential sale of some coal mining interests the stock has ranged tightly around 190. I'd buy some on signs of strength.

1.34 Stopped out of bsl at 247 as shorter term charts imply the stock might fall a bit from here and I'm a bit concerned that on the weekly scale there could be new lows to come soon. Entry was at 244.5 so a slight profit including the sale of some on Friday at 256.

3.11 Stopped out of lgl at 340 as it looks ready for consolidation. This was also a position where I was chasing a break and had some concerns about the potential for a lower high. Entry was 326. I've just bought some org at 1456 as the stock starts to resume a rally after a two week consolidation. The weekly chart had a slight swing down providing a buy level but it's easier to see on the daily chart.

I'm a little unsure of where I think the stock can rally to, but I suspect that the previous consolidation level around 1550 to 1600 would be a reasonable guess.

4.10 A very strong day with the index up well over 2% as the market focussed on overnight optimism in the US reflected in their futures. The top 20 was particularly strong with tls being a beneficiary, finishing up 4% at 315. Ncm was down on the day as gold stocks paused. I sold out of lgl and bsl and switched into org and tls. Neither of the stocks I sold needed to be cut but they were both consolidating, I had some misgivings about both, and I felt more confident moving into stocks which appeared to be in breakout mode.