Something afoot in Asciano? Wed Jul 29

I hope there's something going on in Asciano as it would be nice to get a windfall. At the very least there's a good breakout across the daily and weekly charts and the stock has worked its way up 10c or 7% to 157.5. I added a few shares to my existing position, paying 153.Overall, the Xjo is up 2 points after opening down nearly 30, so the recent resilience is still there.

I sold out of Srl at 214.5 (v 213) as there isn't the buying strength of yesterday and the stock hasn't broken out yet. I sold the last of my Axa shares, a little early, at 417 (v 398) as I thought momentum had stalled.

I've had another try at buying Suncorp, paying 725, as it has consolidated above the breakout from 2 days ago and looks ready to run.

I've paid close to the short term high and the stock is now back at 721 but I've been influenced by the 60 minute chart which also looks supportive. 1.26 It's today that we're getting the pause I expected yesterday. I sold out the extra Aio at 155 (v 153) as it pulled back. Also sold out a handful of Cey at 298 (v 290).

I've just read a great financial article in Rolling Stone magazine of all places. Here's the link.... http://www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine/1 and please note there's some raw language.

2.04 The market is getting weaker and the fall is gathering momentum. I'm stopping out of Pla at 95 (v 97). I still like the chart but the stock is down 6c or 6% on good volume so I don't want to hang around while the retracement is going on. I'm also stopping out of Cey which is retracing after peaking at 299 an hour or so ago. Out at 289 (v 290) though I made a small profit overall with the earlier sale.

2.12 Had to tick the Pla balance down to finish my selling so the average sale price was 94.5 (v 97). Just long Aio and Sun now, with both looking a little shaky now. Actually, out of Sun at 715 (v 725) as it looks like a straight reversal.

2.23 I'm just long Aio now, which is trading at 151. I'm happy to be out of most of my positions so I can take stock after a good few days since I recommenced trading last Thursday.

2.36 I just noticed one of the stocks on my watch list had broken out. It's Sigma Pharmaceutical and it isn't too extended so I've bought some at 132. It's an odd pattern with the big retracement in early July. It looks like a larger pattern is building so there's the chance of some acceleration here.

Just had a look at the FNarena research database for Sigma and found 5 holds and 4 underperforms amid a stream of fairly recent downgrades. Valuations are grouped between 100 and 110 so I'm curious at to why the stock is charting so well.
Also bought a few more Asciano at 152 as they're holding and the market is steadying again.

4.11 The market has just closed down 27 points and looking vulnerable to a sharp short term pullback if we fall again tomorrow. Sold out the extra Aio at 153.5 (v 152) and a few of the Sip at 129 (v 132) as they closed back in the 125-130 range although they're well bid.