Two for the price of one. Thu Dec 31

The last day of the year and of the decade too. The local market has continued to catch up with another rise of 34 points after about an hour.

I thought I'd write about two stock trades today because I didn't feature one yesterday.

Arrow Energy made a simple 1-2-3 buy signal at 405 and I got long at 406.5 - on Tuesday in fact. It also made a double bottom with a low at 382 on December 10th. It looks like a long choppy correction has finished and the stock should get up to the 440-450 mark.

The second trade is one I've done this morning in Fortescue. Like most of the market, I tried to short this recently but the stock has been making higher lows and a flat top. It's starting to look like a coiled spring and I jumped in a little early with a buy of 11,000 at 440. It has traded at 441 now which is a technical buy signal based on the high at 440 which was set 3 bars back but obviously trading above 445 and preferably a close above it too could set a fire under the stock. Being the last day of the year and given its status as a favourite short it's possible that it will get sold down on the (early, 2.10 pm) match out but I'd rather just get long than jump at shadows. 

2.12 There was a mild sell off at the close but the market basically held with a gain of 37 points. Fortescue traded as high as 448 and closed at 444 so I'm pretty optimistic about it.

There are four featured trades still open, all long positions, in Aoe, Fmg, Lgl and Mgr. At present, they're all in profit as you'd expect in a running market.

Best wishes for the New Year!