Liquid Gold. Wed Oct 7

Gold is running, pushing up to new highs last night and helping the Australian gold sector to rally further. Overseas markets ran also with Europeans up around 2.5% and the US 1.5%. It seems that the Australian reserve bank decision to raise rates was widely seen as a positive indicating that things are going back to normal.

My gold stocks are solid today with Lgl up 17 at 314 and Sbm up 2.5 at 33. I haven't done anything with the positions because there's no sign of a short term top yet. Otherwise, I've added a small position in ROC oil at 63. As usual, I'd like to see this gather momentum so I can complete my buying towards the close with strength.

12.49 The market has held the early gains unlike yesterday and looks more likely to rally further towards the end of the day.

I was looking at Awc and Ozl this morning as potential longs, but in a wary fashion because I'm concerned that they could be setting up for a lower high. Ozl has surprised me with a stronger performance than I expected so I'll probably buy some later. Here's the daily chart.

My concern is that it spent most of September grinding up to a marginal new high and promptly sold off. However, there's much better momentum than in September so it could be worth buying some.

1.42 The market's up 78 points now and there are some big movers. Most of them either gapped up on the open like the gold stocks or are stocks rebounding after a downtrend, with no buy signal, like Fmg and Ipl.

3.44 The market is now up 110 points but my profit and loss is roughly the same as it was soon after the open when the market was up 60 points or so. I've sold out of my Roc for square at 63 because it just hasn't kicked on and I want to buy strength. I've bought a few more Ozl at 120.5 as it pushing on and I've thought about selling out the gold stocks but they look like they're merely pausing.

3.48 I forgot to note that I bought some Ozl earlier at 119.5.

3.55 I've bought some Carnarvon Petroleum at 56.5. Similar to Roc but finishing more strongly.

4.11 The market held most of its gains to close up 2.3%. I bought more Ozl at 122 in the match, my average price is 120.4. Didn't buy any more Cvn as they finished where I bought them but I'm interested to see how they open, if it's a continuation without a big gap then I'll jump in for more. Long Cvn, Lgl, Ozl and Sbm.