Friday, December 31, 2010

Hogmanay! Fri Dec 31

A couple of friends from Edinburgh have just turned up to stay and of course, they love their New Year's celebrations so the timing is impeccable.
On the open, I've sold out the last of the Lynas at 205 and a third of the Aru at 149.
That leaves my two main positions as Ozl and Aax. In Aax, I'm having to wait out a retracement. 295 is good support and if I can see something constructive - which may not be for a couple of days - then I'll buy more stock.















Ozl is a touch weaker in thin trade and I sold out of Iau at 201 on a whim, really. There was some logic, the market is too thin at the moment for this one and I'm unconvinced about gold but I probably could have held on as the chart is constructive enough.
Otherwise, I'm still monitoring Karoon and may add more today.

1.14 Just under an hour left before trading is over for 2010.
I've gone long Murchison at 128. I've tended to leave this alone recently because it still looks like a 4th wave consolidation to me, but it's got a nice rounded shape right now - I think some people call it a tea cup pattern. Even a retracement rally could run up to the 140s or 150 so there's room for a bullish trade. The 60 minute chart looks positive too. Stop is in the low 120s.
First the daily chart....















....then the 60 minute chart.













Meanwhile, the index is finishing the year on a soft night with a 26 point drop so far. There's not so much window dressing as there used to be so it will probably finish close to where it is now.

2.14 We still have reverse window dressing (window smashing?) and the market was hit for 20 points on the match out to close down 45.
Bought a few Ozl at 172 in the match.
That's it, 2010 is done and I hope it was a good year for everyone.

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