It's approaching lunch in the Australia v Pakistan test and I imagine half of the country is following the cricket, the market is dull as dishwater, roughly unchanged. I'm away on holiday next week so I'm just looking at closing out my stock positions. So far today, the two resources longs, Fmg and Lgl, are firmer while the property stocks, Mgr and Sgp are down.
I'm also looking to do some intraday Spi trading but there are no obvious opportunities. Broadly, the chart looks like it's correcting the overnight run up on Monday/Tuesday and it has the characteristic choppy pattern of a correction. Again, I'm waiting.
2.51 I've finally got a tradeable set up in the Spi and I'm long 3 at 4915.
This chart doesn't want to centre...
News of the day is Fortescue which is up 8% at 497. I haven't sold any yet.
3.21 I've succumbed and sold 3000 Fmg (of 11k) at 501 (v 440) for a part profit of 1830. Possibly there are takeover or placement rumours driving the stock - I've no idea really - or just a big short squeeze. There looks like there's more in it so I'll hold most overnight.
Meanwhile the Spi is still churning
4.30 The set up in the Spi wasn't that great after all and I watched it tick past the earlier low before recovering. Since the rally where I went long had overlapped previous lows, I was fairly confident that it was a choppy range. In the end I sold out for square and just a loss of 9 dollars on costs.
I also sold another 2000 Fmg at 520 (v 440) on the close, for a further 1600 profit.
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