My featured trade is a long position in PanAust which is a copper and gold producer with interests in Laos and Thailand. A few brokers have recently affirmed buys on the stock and though there's development risk and sovereign risk, it seems to be built into the stock price. Anyway, I'm not a long term holder here, just buying at 48.5 as it breaks out of a small congestion with a stop at 46. Here's the daily.
1.30 pm Macquarie has been one of the beneficiaries of the turnaround after just about holding support. I'm less enthusiastic now, regretting a lazy entry and just hoping for something close to square as a good result on this. Here's the daily.
I bought my first set of options on the little spike up which was not the greatest risk reward. The second set was ok as I was using the higher support level just above 4200. However, it has already been chopping around now for a couple of swings so it doesn't bode especially well for a strong rally.
2.34 It's another topsy turvy day with the market back on the early lows at 4380, down 33 points after reaching a high of up 15 points. I'm stopped out of Awe at 200 and have cut Pna for square because I'm not so keen on chasing breakouts but I thought there was a chance it could surge today on a new high. I'm also a little chastened from having chased Mqg to my cost and trying to stick to my strategy of putting on low risk trades.
2.42 Having already cut my featured trade, here's another one. It's a short in Stockland at 387. This has rallied up in 5 (maybe not complete though) and there's a potential stop level at the 396 level where there was a retracement high.
I'm happier with this trade because I'm following my methodology here.
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