Tuesday, December 21, 2010

Taking their own sweet time. Tue Dec 21

The Dow was lower but the broader S&P 500 gained a few points as did the Nasdaq. Base metals were mixed but performed well with the USD stronger. The Korean peninsula has calmed down and the Aussie market has unwound yesterday's sell off to leave the Asx 200 with a gain of 33 points after an hour and a bit.
Aax is down 1, everything else is up, even problem position One Steel.
I've been in Aru and Wsa for quite a while and they've been going slowly over speed bumps but might be about to hit some open road.
Here's Aru, which is starting to follow Lynas back up and must have digested quite a lot of the $1.20 placement by now. There's good support around the 112 to 115 level and more support about 10 cents below that.
Of the nickel stocks that I follow, the best performer recently has been Mirabela which is covered by my assistant. Mincor and Minara are rallying now and Western Areas is the laggard but is showing signs of having made a swing low. In a big picture sense, they were the outperformer in recent months so it's perhaps more accurate to say that the others are playing catch up. I think the consolidation is over and I expect them to get a move on from here.


2.15 The market is up 38 points so the sell off that was brewing up yesterday has been averted. If anything, there's a positive looking set up on the 60 minute chart for the Xjo index.
4.11 The index faltered at recent highs but still closed up 35 points.
I'm out of Tls at 277 (vs 278) - too much on in a quiet period.
Lynas reversed from the early highs. I'm holding for another swing up. I'm not sure that they'll get past the recent high at 173 but in the context of the 60 minute pattern I'm watching, there's a good chance of beating today's high.

 

No comments:

Post a Comment