Forcing it. Fri Jul 31

Overnight European indices were up by 2% and so was the US until the last hour or so when it gave back half of those gains. Oil and resources rebounded and the Australian market is up close to 1% at 12.30 pm.

I've been trying to force the pace this morning, overwhelmed by too many stocks breaking out so that I've bought and then stopped out of 3 or 4 stocks. I was just trying to ride some short term momentum, but not really waiting until I was certain where the strength was. Anyway, you have mornings like that. The damage was minor.

Otherwise, most of my existing positions have performed reasonably well. Mah is up 2.5 at 44 and I've sold a smattering there (v 39.5), Map is up 3.4% at 245 and, again, I sold a couple (at 244 v 233.5), Mgr and Sgp have recovered from early weakness to be square to up while Lgl is steady to down.

I've bought back into Asciano at 160 after it rallied on very strong buying into the close last night and continued with that strength this morning. Although it's at 159 now it's showing signs of accelerating as it pulls away from the breakout.

Boart Longyear is the other stock I've gone long. Like Mah, Bly is a company servicing the mining industry and could well have a capital raising soon but right now that's not holding the stock back. I've been looking at it for a few days, I almost bought yesterday but wanted to wait for the move through 27. There is a pennant formation which looks complete and could go to new highs in this move. Long at 27.5 and thinking about buying a few more later on if it holds the break.

2.04 Just got long Ost at 305 as they resume their up trend after a pause and lag behind a surging Bsl - which is too extended for me to get on. I'm over my limit now so I'm going to sell out of Sgp. The daily still looks ok but it's consolidating and I'm already long Mgr which has a similar profile.

Out of Lgl puts at 14.5 (v 20) as the stock is holding and out of Sgp at 324 for square.

2.18 Just added another long....Mmx at 190. Resumption.

3.43 Closed out Mirvac at 125 and 125.5 (v 123) as I want to reduce my portfolio size, also sold out a few more Map at 248 (v 233.5). Ost has reversed on me and is now 298 - I'll probably hold on but may sell a few late. At the moment, I'm long Aio, Bly, Mah, Map, Mmx and Ost with no short positions.

4.10 The market closed just below the highs, up 54 points. Sold out a few Ost at 299 (v 305). The others all closed very close to their highs.