My patience with Fortescue has run out and I've sold out the last of it at 429. I think it has the chance to be quite positive but we could retrace some more of the gains from the recent swing low at 401 first.
Otherwise, it's the same Catch-22 for me as it's been all week. I think the Xjo looks pretty good and I'm prepared to sit out a pullback if it holds above 4436. My long positions are generally hanging in there, although I chose the worst moment to go long Mbn. Even if there's further weakness today, I'm inclined to hold on to most things because it's a good day for weak hands to fold.
At a pinch, there are a couple of stocks that might be worth buying later in the day, but again, I'm probably long enough already.
12.40 Murchison's quarterly activities report came out about an hour ago. One thing they mentioned was that volume demand for iron ore remains robust. It might have helped Fmg because they started to bounce and I decided I'd been hasty, jumping back in at 432. I'm going to use (just below) the bottom of this week's congestion, 422, as a stop.
European and US indices are at or just past their June highs and I do have some concern that they are ripe for retracement. The Xjo is still short of that, of course, which is one reason for my bullishness. So, I'm concerned but also reluctant to chop in and out of stocks. I've already done it once to my cost today.
3.41 Still chopping around and down 27 points.
I'm one of those weak hands now, as I've sold out of Mmx at 182.5. In the end, the rally could never gather steam and rises have been grudging recently while sell offs have more oomph.
4.04 A tedious few days is drawing to an end as we await US GDP figures overnight. I've basically cleared the decks. Changed my mind on Fmg again and sold out of half of the Mbn as well at 213. Shocking trade, that. I'm just long Lnc now and a few Mbn. Quite a good month though, profit wise.
I'm leaving slightly early so let's hope Monday offers some direction.
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