Back on the bus. Fri Sep 3

The Xjo rose 15 or 20 points at the open on the back of another positive overseas lead but, at 11.39 am, the index is only up 4 and looks quite toppy in the short term.

I'm out of the last Ost at 297 but I'm still a buyer there on pullbacks - although that probably goes for most stocks in my watchlist at the moment.
I got a glimmer yesterday afternoon that the gold stocks I'd sold out of were not falling despite a small overnight drop in the gold price and sure enough they've run hard again this morning.
For example, Avo is up 15 to 333 and Sbm is up 2 to 38.5. Fortunately I realised my mistake and was able to undo some of the damage with a purchase of Medusa at 425 on the open. This is the stock that I thought looked great but I was waiting for a pullback. I realised that an inside day was probably as much of a pause as I could expect and sure enough, they've taken off to be above 440 already.

Intrepid has also followed the sector to be up 8% at 88.5 and I managed to buy a few more at 85 on the way.
Those stocks are a bit hard to get into now so my featured trade is one that has got cheaper since I went long this morning at 163.5. It's in Awe and I'm getting in later than usual because it's been in a downtrend for a long time and I wanted to see the stock rally through a recent swing low at 161.5 before I could be confident that this had the potential to run up. I'm not certain that it has bottomed but I think that it will at least have another corrective rally which I would expect to take it to 175-180. Stop is at around 154-155.

2.44 More of the same really, with the index unchanged. The golds have eased off and I sold the extra Iau at 89.5 and a couple of Mml at 440.

Looking at it in perspective, it's quite a reasonable performance to be unchanged after such a strong week. Maybe the slight new high in the Xjo today is more of a corrective type blip because it's consolidating rather than setting up for a fall, to my eye.

 

4.07 The market is about to close, up 8 at the moment, and I'm mildly bullish for Monday.

Still long a couple of golds along with Awe, Cgf and Kar. Also bought a handful of of Fmg at 478 as they've possibly had a small 3 wave correction in line with the market.