The US indices were up last night but fell from early highs and the April high is the next mountain to climb for the Dow. Gold held on to the USD 11 gain from our session but retraced further early gains which were made overnight while base metals firmed up a percent or two. It's 11.17 am and the index is down 14 points.
I've done very little, selling out of Bsl for a small loss at 212 as it looked ready to run yesterday but failed this morning.
I think it's now more likely to edge down to the August low - perhaps, just above it - which might offer another low risk entry.
Otherwise there's not a lot of change in my holdings.
3.05 I'm really zonked after going to the dentist at lunchtime and getting a double shot of local anaeshetic. Fortunately, the market is having its classic pullback day and I'm missing very little.
In the rare earths space, the two main stocks are Lynas and Arafura. Aru is having a placement which will be finalised by close of trade tomorrow. In the meantime, Lyc is weak and I've been looking at levels where I might buy some. There's strong support between 132 and 138 and the last run up took the stock from 127 to 179. 50% of that takes you back to 153 and a reasonable stop would be 136.
I was a little conservative earlier and put a bid on at 148; the lowest the stock has gone today is 153.
4.13 The Xjo closed down 22 points. I sold another quarter of the short term Avo position at 319 as it stalled. I took profits in another similar position and went long some Lynas at 155.5 which is about the lowest level at which it traded much volume. I'm hoping to get more tomorrow in the low 150s/high 140s.
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