Another strong lead has us up 1.1% at noon with Cba following through on yesterday's strength to be up 160 or 3.5%, dragging the rest of the sector (up over 2%) with it. I was sorely tempted to buy Cba soon after the result yesterday when it had obviously surprised on the upside. My plan, though, is to limit myself to lower dollar stocks so I looked for a cheaper stock which might run on a reasonable report. I tried Sgp and it did move up early but quickly petered out so I've cut it for square. I've also cut Pbg because I'm running out of room in my portfolio and I've botched that one - out for square also.
The reason I'm fretting is that this reporting season has seen a clear pattern of stocks running for a couple of days after the result, if it's surprising enough, and I feel like I'm missing an opportunity.
Back to the bigger picture of long term strategy, I've added new positions in Gpt and Ost.
Gpt closed on its recent highs and cracked through this morning at the same time going past the previous short term peak of 58. Long at 59.
One Steel has had a small 3 wave retracement and has made a buy signal on a higher low, higher high pattern. I would expect it to move to new short term highs above 318. Long at 306.
1.30 I forgot to mention this one earlier, ConnectEast, toll road operators. Went long at 41 and the stock looks ready to rock.
3.24 The market has rocketed today, up 78 points, and most of my positions are performing well. Ost is up to 316, sold a small cost covering amount at 311 (v 306).
There's a bullish set up taking shape in Paperlinx. There's no signal yet but it looks promising.
4.12 The Xjo powered right on through to the close finishing with a gain of 2.1% or 93 points. Took some profit in Gff at 152 (v 146) and Mah at 56 (v 49.5).
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