My longs are up and the short in All is flat, which is a good start to the day. My best performer is a long in Linc energy which I was too sheepish to write about yesterday. I've been hammering on about sticking to my strict entry criteria and this was a bit of a stretch. The entry was at 264 with a valid but brief swing low at 254 to form the basis for a stop.
Cba is the biggest stock that has reported today and that set the tone with a good result. It's now up 2.7% and is leading a very strong bank sector. In my watchlist, Bld, Ozl and Sgp have reported this morning. They're all up strongly and they show the perils of trading in this period. Bld looked terrible yesterday and has completely reversed while Ozl had been reversing in a range recently but has now charged through the top on news of a 1 for 10 share consolidation which will put it in a price range which would be more attractive to institutional investors. Ozl will also return cash and undertake a share buyback.
Here's the Bld chart.
11.34 The index has subsided after the initial enthusiasm, up 23.
Qan is disappointing; it has slipped below yesterday's low. It was a momentum trade and since it's still in a downtrend, I'm stopping out at 242.
Otherwise, I've stuck to the plan and sold a couple of things into the early strength. Got out of some Bsl at 220 and 222 and Lnc at 284.
12.09 Almost all the gains had evaporated until a recent tick back to a rise of 13 points. It's caution ahead of the re-opening of Chinese mainland markets after the 25bp rate rise. The China commentators on TV think it's built in, with HK having fallen 400 points in the last couple of sessions.
1.22 Activity has settled back into the recent pattern and with Chinese markets flat, the Asx 200 has recovered to a rise of 22.
Over the last few days, Lynas has had the definitive grinding rally. Just sold some at 185.5. I'd like to see the stock trade higher than the recent large range day, which would mean a rally through 195. It looks a long way away at the moment and the stock is not responding to strength in the US rare earths sector in recent days.
4.10 The market didn't reclaim the early heights and closed near the day's lows, up 14 points, but it was quite a good performance considering that the Asian markets fell.
It was another reasonable day for my positions with Lynas finishing well at 188.5.
I think the Awc chart looks quite promising. I'd be happy enough to buy between 240 and 244 but since it reports tomorrow morning, I'm just watching on till then.
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