Dumb luck. Mon Mar 8

I didn't get round to writing this earlier as I was doing some budgetting. I was in a reasonable mood for it though because I fluked a big win in Arrow Energy which I can only describe as dumb luck. I'd been thinking that I hadn't traded the rally so well and also after Friday's post regarding the outperformance of big caps, it occurred to me that there should start to be some catch up since the rally shows no sign of stalling.
Anyway, I got long on the closing match out at 348 on what was a marginal daily signal but a pretty good 60 minute one. If the daily signal was better I would have bought 20k rather than 10k but I'm still happy with a stock that surged to 511 on a takeover bid from Shell.

Click to enlarge

Here's the 60 minute as it looked on Friday afternoon.

The other reason for buying was that I'd missed a pretty obvious opportunity in Awe which is also in the energy sector. Here's the daily.

I was a bit frustrated with that so keen not to miss out on the next opportunity.

I'm hopeful that there'll be some action now in the smaller resources.

It was good to stay long this and not just take the money straightaway. The stock rallied all day from a 479 open and as it's the first step in the negotiations it will often take a day or two before a stock under takeover finds a level. After that it's often a grind which might be best left to the big arbitrage players.