Almost there. Fri Aug 28

The US had another small up day and as the techwizard on FNArena points out, a series of narrow range days on declining volume could well be the precursor to a pullback. Anyway, the Spi futures contract has managed to make a new high although the peak in the Xjo this morning was still 13 points short of a new high. We're up 27 points now at 11.37 am.

I was wrong about Gff. You'll notice that each pullback overlaps the previous high and this is generally a sign that you're in a trading channel which won't be terribly exciting. Today's action put that idea in doubt because there's increasing momentum. The change in tone is encouraging and certainly analyst opinion is more bullish as wheat prices have fallen.

I've bought back into Infigen at close to the high of the day, 139.5. I'm a bit in love with this chart and I'm tending to find reasons to buy it.

What I'm looking at is the run from July to early August being wave 1 while the next surge is the wrong shape to be a completed wave 3 and looks like a subsection of a much bigger wave 3. I'm then buying on the small signal that was generated this morning and on the thought that the pullback was very shallow which is bullish. The weekly chart might show this more clearly.

The rest of my positions are going ok as you'd expect in a rising market. Gunns is closed, pending an announcement. There's an acquisition being negotiated but I think it's Gunns doing the buying and not someone making a takeover bid for Gunns - unfortunately.

2.49 I bought some Macquarie Airports earlier, at 252. I'd been looking at them on the close yesterday and should have picked them up soon after the opening. I decided to buy a small amount anyway and they've continued to rally, 256 now.

I'm over my dollar limit and need to sell something before the close. I'm leaning towards Eld which is still chopping about below the breakout level. I should have waited for confirmation before getting in here.
4.10 This is that rarest of Fridays where the market declined to take the opportunity to sell off despite having rallied all week. Not much change for me except that I've sold out some more Gff on a spike at 163 (v 147) and the Eld at 39 (v 41.5). Market up 39 points, 16 points below a new high.