Every dingo...Thu June 11

Fortescue is the story of the morning for me as it has accelerated up this morning. I sold half out at 389 on the open and the other half at about 422 for an average sale price around 405 (v 341). The stock was as high as 433 which was about a 20% rise. It has pulled back to 412 at the moment (11.29am).

The overnight story was a familiar one with the US market rising and falling with concern about the 10 year bond auction. In the end the yield was less bad than expected helping the index to recover for a small loss. Base metals held and oil rallied again.

The market overall had some early momentum but is slipping now, only up 4 points.

Actually, the employment numbers have just come through and they're much better than expected at first glance so that may hold things.

Wpl is up but not kicking on: it is making bullish patterns on the 60 minute chart though, with another new high.

Bsl made my first target with a new high at 282. I sold out another part of the position at 277 (v 259) as it slipped a bit. It has stabilised to be 279 now. My other long is Axa which spiked up towards the close yesterday. Axa has fallen back to 396 this morning and I'm just waiting on developments there.

Cba has been under a bit of pressure although it has jumped since the good employment figures. It's down 41 at present. Mqg has continued its strong run but looks like having a reversal day. It was up more than 200 but is now up 80 at 3945.

12.16 Just bought some Gindalbie, a smaller iron ore player. It is thought that the Chinese after having missed out on the Rio assets, will look to buy anything they can. The whole sector is strong and obviously Fmg has been the standout as the next biggest producer. Anyway, I'm long Gbg at a touch under 85 as it makes a new high and looks like it has the potential to accelerate.

1.46 Sold a few Gbg at 87 to cover costs because I took advantage of the momentum to buy more than I want to hold overnight.

2.42 I'm keen to have moderate positions by the close of trading today because it has been a strong week and I'm concerned about profit taking tomorrow. I'm thinking of getting out of Axa and Bsl. Axa because it has failed to build on yesterday's rally and I'm happy to have taken something out of it. The financials are soft and I might get another chance at this if it holds Tuesday's lows. With Bsl, there has been lots of interest but it hasn't really pushed hard and has also hit a reasonable target.

4.16 Sold a few more Gbg as they ran late at a price of 91.5. Also closed out the Bsl position, selling at 282 and 283 (v 259). Axa improved towards the match out and I only sold a few at 400 (v 392). Wpl was once again a disappointment, with a small rise of 7 to 4285. Cba and Mqg are my short positions. Cba fell 52 but rallied late while Mqg ran 73 but fell most of the day after a powerful opening. It's just wait and see with these two.
Fmg closed near its highs and I bought and sold some stock for a daytrading profit but I'm out of this for the moment.
I'm making an effort to appreciate a good day's trading because it can be perversely easy to blame myself for not doing better when so many stocks have made great set ups and then moved sharply. I spent part of the day looking regretfully at stocks that I was tempted to buy yesterday or this morning like Awc, Osh and Ost which all performed very well. Rationally, Fortescue was the best performer and the new stock I got into today, Gindalbie, was one of the other standouts. There are always capital constraints and also limitations on mental energy to monitor a bunch of stocks.