Fresh air. Mon Aug 31

"We're up there, where the air is rarefied" with the market easily clear of the recent highs and sitting at 4526 at 11.07 am. Overseas leads were again modest but breaking through to new highs has given the market new energy.

Paperlinx reported this morning and, although a touch higher, was looking thin and vulnerable to a correction so I sold the last few of my second tranche out at 67 (v 58.5). My worries were baseless though as the stock has firmed again but having reached my target of 70 plus I decided to sell out a few more; this time at 71 (v 55).

Gunns is still suspended and now Elders is too. It turns out that Gunns is buying a timber assets from Elders so I may have pulled the wrong rein by selling out of Elders last Friday on the close. Gunns is having an equity issue - small by recent standards in the market - and has also reported a slightly disappointing result. Guidance for this year is a little more positive so it will be interesting to see whether the stock can hold.

I've bought back into Lynas this morning at 67.5 on a resumption of the strong bullish trend. I don't want this to turn into a 3 wave correction though and will need to watch closely.A couple of friends who are keen investors have been asking my opinion about gold lately. I've been cautious but as is often the case, these friends seem to pick turning points very well despite my advice to wait for confirmation of a trend.

Here's a chart of Spot Gold, priced in US dollars.It could be ready for a surge; it's made a mini break and a breach of 970-972 would be promising. Ncm and Lgl, the two leading stocks in the sector are shaping up bullishly....

....but I've decided to stay with the cut price end of the top 200 and bought into St Barbara Mines which has just made a small buy signal and is close to making a larger one if it trades at 25. Long at 24.
I also sold out of Chc at 54 (v 53) as I had so few of them.

11.33 am Stopped out of Ehl at 78 (v 75) on a trailing stop.
The market is now starting to display a touch of vertigo as we've slipped 30 points from the early high to be at 4506, below the 4509 breakout level.

12.52 It's a fully fledged reversal day now with the market at 4485, down 5 points, and 52 points away from the early high. So far so good for my positions which are holding up relatively well. The banks are the saving grace of the market as they're strongly up on news that the bad debt cycle may have bottomed earlier than expected with the economy having outperformed gloomy predictions.

1.14 Stopped out of Gff now at 153 (v 147) as the stock has reversed again from Friday's run and I've put it in the 'too hard' basket.

3.56 The market had a brief attempt to recover but is slipping away again and it looks like a close on the lows. I'm holding onto my positions though. The new high (on the Xjo index) followed by a reversal is possible but I'm not going to jump at shadows, I'll wait until there's some confirmation. The Dow Jones Industrial Average has had 6 consecutive closes above the previous high so it seems unlikely that we'll just collapse instantly.

4.12 A rally in the Spi between 4 and 4.10 pm encouraged a few bids and the market closed down 10 points. In our region the Japanese market is flat to down but the Shanghai market is down 5% plus and that seems to have damaged the Hang Seng which is down 1.8% and the overnight US futures which are lower by about 0.6%.

Almost there. Fri Aug 28

The US had another small up day and as the techwizard on FNArena points out, a series of narrow range days on declining volume could well be the precursor to a pullback. Anyway, the Spi futures contract has managed to make a new high although the peak in the Xjo this morning was still 13 points short of a new high. We're up 27 points now at 11.37 am.

I was wrong about Gff. You'll notice that each pullback overlaps the previous high and this is generally a sign that you're in a trading channel which won't be terribly exciting. Today's action put that idea in doubt because there's increasing momentum. The change in tone is encouraging and certainly analyst opinion is more bullish as wheat prices have fallen.

I've bought back into Infigen at close to the high of the day, 139.5. I'm a bit in love with this chart and I'm tending to find reasons to buy it.

What I'm looking at is the run from July to early August being wave 1 while the next surge is the wrong shape to be a completed wave 3 and looks like a subsection of a much bigger wave 3. I'm then buying on the small signal that was generated this morning and on the thought that the pullback was very shallow which is bullish. The weekly chart might show this more clearly.

The rest of my positions are going ok as you'd expect in a rising market. Gunns is closed, pending an announcement. There's an acquisition being negotiated but I think it's Gunns doing the buying and not someone making a takeover bid for Gunns - unfortunately.

2.49 I bought some Macquarie Airports earlier, at 252. I'd been looking at them on the close yesterday and should have picked them up soon after the opening. I decided to buy a small amount anyway and they've continued to rally, 256 now.

I'm over my dollar limit and need to sell something before the close. I'm leaning towards Eld which is still chopping about below the breakout level. I should have waited for confirmation before getting in here.
4.10 This is that rarest of Fridays where the market declined to take the opportunity to sell off despite having rallied all week. Not much change for me except that I've sold out some more Gff on a spike at 163 (v 147) and the Eld at 39 (v 41.5). Market up 39 points, 16 points below a new high.

The little engine that could. Thu Aug 27

A couple of days ago I was musing about the relative underperformance of the Xjo index versus the major US indices. The Xjo, or S&P/ASX top 200 index, is still nearly 2% below the high of 4509 reached earlier this month, but the impression I get is that we're climbing a wall of worry and will just about make it. It could be a close run thing, though, because more and more of the major stocks have lost all momentum. Here's Rio, for instance.It had one surge to a new high from early July on. Can it fire up again? Obviously, yes, it's possible but you might expect a deeper retracement first. The same goes for another top 20 stock, Cba. The other 3 major banks are stronger but not much and could easily make a slightly lower high.

It's nearly 11 am and the market is down 26 points after the US finished unchanged. Generally, banks and property trusts are performing better than resources and cyclicals.

1.17 pm Gunns has pushed as high as 114.5 which is a break of the recent high. I've taken the opportunity to buy a few more at 114 as it now looks like it can plausibly run in the next day or two.

Meanwhile Ehl is the best of my positions today, up 5.5 at 82, while Ppx has given back 2 to 62. I thought about selling out a few earlier as the 60 minute chart stalled but my key trading weakness is not holding on to winners for long enough so I did nothing. I'm not going to be rigid about this though, selling out a small portion of a trade straight after a big surge is a reasonable thing to do.

2.46 The market has held well today, outperforming the region to be almost unchanged.

4.17 The market did very well to fall by only 4 points against the backdrop of 1% plus falls in Hong Kong and Tokyo. I did sell a few Ppx at 65.5 (v 58.5) as they renewed the rally. I also sold out half of the Gff for an average just under 149 (v 147) after deciding it's more of a trend channel type situation rather than a breakout. I added Charter Hall, a property group as they had a delayed reaction to a slightly disappointing result two days ago which has been followed by reasonably positive broker analysis. Long at 53 as they edged past the top of the recent range and closed right on it with their highest close since mid June.

Lazarus! Wed Aug 26

Babcock and Brown Infrastructure, a seemingly broken relic of the financial engineering era, has risen from the dead this morning, more than doubling from 5.8 to 13.5 c. It reported this morning and news of a deal with creditor and operator Babcock and Brown has raised hopes of avoiding liquidation. It's 10 c now.

12.06 pm The US was modestly higher last night along with European indices although it tailed off towards the end of the day. The Xjo is stronger, having misread the overnight action, and we're higher by 38 points.

I've bought some Emeco Holdings at 75, as they resume their rally after a 7 bar pullback. They reported today and there are no surprises. There's also no need for a capital raising. They mention a recent unsolicited offer from a financial investment firm. The market is supposedly sceptical about this, but a couple of brokers consider the stock to be cheap anyway so it's not as though there is a takeover premium built into the price.

12.22 Paperlinx is up 2.5 today to 61. It's the stock I'm most bullish about in the short term and it has occurred to me that maybe, instead of having 6 or 7 positions, I should be increasing my size in these high conviction trades. It's not exactly a difficult idea to grasp but I find it hard in practice to limit the trades I put on. I've just read Moneyball and it occurs to me that I need to be selective about what pitches I swing at.

1.23 Thinking about the Ppx situation has sharpened my focus about the number of positions I have and the confused thinking that it reflects. I'm selling out of Lnc for 143 (v 146) because this is a turn round situation and has had only 3 white candlesticks in the last 5 weeks, hardly the high momentum trade I'm looking for. I can see the possibility of a good rally here but would need to buy towards the end of a strong up day.

2.45 Out of Ipl at 340 (v 330) for no good reason, if I'm honest. I got nervous earlier when it fell back to 335 and sold out, then bought back in etc. I guess it means I've got no conviction on the trade although the chart still looks good to me.

3.01 Out of Lnc at an average of 142.5 (v 146) as I try to limit my tendency to have too many positions.

3.33 Back in Gff at 147 on a resumption.4.52 The market ended with a gain of 49 points. Ppx finished strongly at 64 and Gns looks like it might kick on after a short consolidation.

Dow v Xjo. Tue Aug 25

The Dow Jones Industrial Average made a new high last night and then reversed to close unchanged forming a slightly bearish doji bar in the context of a new high.

The S & P 500 index has the same shape.

Meanwhile, the Xjo index looks like this....

Valuations suggest that the Australian market is cheaper than the US and with the economy continuing to surprise with its strength there is good reason to think that our market can outperform the US.
Nevertheless, the story from the charts above is not encouraging in the short term. I'm hoping that most of my positions will be immune from falls in the market but so far today, with the Xjo index down 28 points, they've generally slipped in line with market direction. Awb is the worst as a couple of downgrades based on the cost of closure of their Brazilian operations has led to a 9 c drop to 137. My problem with this now is to determine whether yesterday's high was the completion of a bullish pattern or whether it was the first leg of a larger range move (which was what I have been thinking).

I suspect that unless it reverses back up sharply, the wisest move would be to sell out on a retracement rally. I'm hopeful it will retrace as it bounced off the earlier sell down to 132.

12.42 Sold out about half of my Awb at 136 (v 134.5) as it looked like the retracement was failing. It's having another go at the minor intraday resistance level of 138. Also out of half of my Lyc at 70 (v 49.5) as a big gap open was followed by a reversal. It's steadying now and is back at 72.

1.22 Out of the rest of Lyc at 70.5 as they get the dreaded speeding ticket ie the ASX asks them why their share price has run so fast. The general response is "no idea" and that normally puts a dampener on a rally.

2.34 Just bought Ipl at 330. I was watching it all morning and was tempted to pay 326/327 earlier but wanted to see more confirmation. It started to surge so I jumped in, it's now 334.

3.21 Out of the rest of Awb at 138.5 (v 134.5). The market has rallied back to even, outperforming most of the indices in our time zone.

3.38 Replaced the Awb with a few Australand, a property developer who have just had an equity issue. I'm chasing it slightly but the set up is pretty good - long at 51.

4.12 The market tailed off in the last hour, down 20 points. No major changes in any of my stocks although Ppx closed near its highs and looks good.

Snap back. Mon Aug 24

Up 2.5% at 11.37 am as the US indices continued their late week rally on the back of optimistic comments from Bernanke.

My positions are going well.... as you'd hope in a strong market. Awb is up 7, Lyc up 4.5, Omh up 3.5 and Ppx up 1. I'm underweight so I've stepped into 2 new positions.

The first is the re-entry into Elders I was hoping for. I sold out a couple of days ago as it was grinding slowly down but there was a strong possibility that it would just be a minor pullback. It looks like it was and I've bought stock at 41.5. To be comfortable, I'd need to see this push through 42 strongly.

The second new position is in Gunns which surged out of a range last week and is firm again after a 3 day consolidation. Long at 109. 1.04 Out of Omh as it has reported and there's little enthusiasm. The stock is drifting towards the bottom of the range. Sold at 175 (v 190).

2.42 No real change except that the market has kept running most of the day. It reached a high of up 129 points; up 118 now.

I added to my Paperlinx position a few days back at 58.5 only to see the stock consolidate. I think my patience will pay off shortly as it seems like the stock could be ready to kick again after a pause.

3.56 I've bought some Linc Energy at 146. This is a different sort of trade to most of my recent ones. It has made a buy signal but has been under pressure for quite a while. It raised capital recently at 140 so that triggered the pullback from 180 in mid July and a marginal new low. Having tested those levels I think there's a good chance that the bearish pattern is complete. Nevertheless, it's a trade where I'm looking for a trend reversal.
4.12 A strong finish to a very strong day ended with a gain of 135.5 points or 3.2% on the Xjo index. I had slightly overspent my budget so sold a little Gns at 109.5 (v 109), Eld for square and some Lyc at 66 (v 49.5). I'm training myself not to sell out of good positions early and I've managed to avoid that trap in Lyc so far. I was feeling inclined to cut some against my better judgement so I sold out a tenth of my position on the close to get it out of my system. My logic is that if it falls tomorrow I'll blame myself for not selling any and potentially slip into bad habits again whereas if it keeps running I still have 90% of my position. So, not pure logic but the sort of psychological bargain that sometimes does the trick with trading.

Right on support. Fri Aug 21

The bearishness in the Australian market continues and once again we're ignoring a bullish lead to be hovering around 4350 on the Xjo index. It's starting to look more likely that we'll fall back into the trading range but the picture is still unclear so I'm waiting.

I'm generally trying to find a handful of bullish stocks out of 200 so my positions are performing modestly well.

I stopped out of Infigen at 136.5 (v 133.5) as it broke the low of the last 2 days. It lost its momentum 3 days ago but it held well so I tried to stick with it. It still looks solid so I may have a chance to trade it again later.

I switched it for Awb which is starting to look like a good move.

I bought at 134.5 and then realised that there was more than a million stock on the offer in one line which, given that the stock trades a little over a million shares a day, was a potential dead weight on the stock. Luckily someone has bought the lot and now the shares have spiked quickly to 138.5.

Lyc has also rallied today, up as far as 58.5, although back to 56, 57 now. I bought a few extras at 56.

11.32 am The market has had another leg down. There's no obvious trigger but certainly there's a short term sell signal on the top 200 index now. However, it's in the context of a strong up trend so not one for the faint hearted.

12.34 When the market broke support at 4350 it fell to 4305 very quickly and hasn't bounced much since then. The Nikkei (which rallied strongly yesterday) is down about 1.3% but interestingly the Shanghai market, which precipitated the nervousness this week, is up 1% and the Hang Seng is also up moderately. Anyway, that's just background. The futures are showing no signs of bouncing yet, and even in the short term the bearish patterns look incomplete.

I've got one problem position in Gff which I was too keen to jump back into. It has kicked lower this morning and fallen - too quickly to react - to 143. The recent swing low is 141 so I'm staying with the position with a stop just below 141. Actually, that's not strictly accurate. What I'm thinking is that 141 is unlikely to break today and I should get a chance to stop out at a better level, there's no obvious strength any more and I'd rather be in something like Awb which has the potential to have 2 or 3 consecutive strong days.

1.49 The short term bearish patterns were definitely incomplete as the fall has gathered momentum. We're now down 100 points or 2.3% and just a few points above recent lows. Looking at the top 50, the falls seems pretty broad based. Asian markets have followed suit, with the Hang Seng also weaker now. As far as my positions go though, there's not much change and Awb is even a bit firmer as it pushes 140.

2.40 The market has just bounced a touch off its new lows, down 103 points now. Stopped out of Gff at 140.5 (v 150) as it failed to hold the next support level down.

3.40 A recovery late in the day has seen us rally to be down 78 points. Unlucky in Gff, broke the second support and then bounced back - oh well, it happens. Otherwise, Awb and Lyc still strong.

4.10 That's about it, a 2% fall. Another reason for the weakness is that the Future fund sold 5% of Telstra to various local fund managers who may in turn have had to sell to pay for it.

Cautious pessimism. Thu Aug 20

It's 11.05 am and despite a surprise rally in the US the Australian market is up a modest 30 points. It has been a big day for results with winners rewarded - Qbe, Bxb, Amp, Sto - and losers punished - Mig, Llc, Agk, Wes, Asx....all relative to expectations of course.

Mof was one of the losers and fortunately I exitted my position fairly early at 25.5 (v 28) as it had made a lower low at 25. This is another one I could have been out of on a simple trailing stop a couple of days ago but I gave it a little more time. I'm also out of Ceu at 40 (v 41) as it has gone nowhere for 5 days.

The most interesting thing I can find is Paperlinx which I'm already in. I added to my position, buying a small amount at 58. I think it either stalls here at a minor new high or really kicks on as it moves into a more expansive phase. I'm pretty optimistic although valuations are not helpful.

11.20 am Lynas is also looking fairly positive but it needs to push past yesterday's high and there's quite a lot of stock on the offer in a market which is now only up 15 points.

1.13 pm The ASX top 200 index is now even on the day. Looking at the chart of the Xjo at the 60 minute level, it's still holding above 4350 support although it's finding great difficulty in rallying back towards the highs despite reasonable overnight leads. All in all, it makes for a wait and see type market.

3.17 pm The overall market has picked itself up to the extent that it's now up 11 points but my positions are stubbornly inactive. I'm still feeling that my trade selection is ok but my trading entries and especially exits have lots of room for improvement. The trouble is, I can't decide whether the best approach is go hard at my favourite trades, skip the rest, but only hold them for the fast part of the surge if you get it right or alternatively whether I'm better to just identify the best trades and patiently ride them.
I'm going to go through my trades for the last few weeks because I feel that either policy would have been better but I might get more of a clue to what will work best for me.

4.10 I'm of the opinion that we'll bounce quite strongly tomorrow barring any major falls overnight. We've really underperformed today with the Hong Kong and Japanese markets up close to 2% and US overnight futures also strong. My limited patience is getting worn low though. Market matched out with a gain of 4 points, most of mine little changed.

Cautious optimism. Wed Aug 19

My take on the Xjo holding support is working so far. After a slightly better than mild recovery in US and European indices last night, we're up 33 points just before noon although we're 20 odd points off intraday highs.


Straits resources opened well at 250 but quickly peeled back and I got out at 242 (v 241). It was the sort of pattern where I was expecting a wave 5 type run up to new highs. I was hoping for 260 but 250 was the limit and the reversal came quickly. A failed new high after a breakout of a fairly lengthy consolidation is a clue to be impatient and get out. So, although I'm trying to hold most positions for longer, this is not one of the times when I'm selling out for the wrong reasons.
I sold out of a residual position in Gff at 148 (v 146). This is a stock which will, I think, run again but it's the third day down and I could easily have cut on Monday. I've also got out because I wanted to use the capital on a couple of new positions.
I also sold out of Eld for square at 40 as it enters the 6th day of consolidation. It's still of interest but I'll wait for a fresh signal before I buy.
Ok, the new positions are in diversified minerals producer OM holdings and Telstra.
Omh has been running strongly and looks to have completed a bullish pennant shaped correction. It bounced yesterday and has continued today. Long at 190.




Telstra, long at 370, is harder for me to buy because it has been an underperformer for so many years but it has broken out of a consolidation and appears to be technically strong. For example the move away from the 340 level in late July consolidated in a very tight range and the shape of the chart is changing as the 30 day moving average shows; it looks like we're moving into an acceleration phase.

2.24 Not much to report except that Gff reversed up and gave me a signal to get back in. Gritted my teeth and paid 150. The good thing is that I've got a full size position now and since it's trading at 151 I'm not far behind despite the chopping around.

4.10 Unfortunately the market has reversed and with it went Telstra. I'm starting to worry that I'll get the scenario I described earlier in Straits Resources - which opened at 250 and looks like matching out at 230. ie a new high on a clean breakout followed by a reversal. So I'm cutting straight away...out at 365 (v 370). Otherwise, most of my book held up with Ppx closing on its highs. I bought and sold a few extra Ppx again which covered some of the Tls loss.

Holding support. Tue Aug 18

So far the market has held above the support formed by the highs around 4350 from early August. An early loss of 36 points has been reduced to only 5 at 12.10 pm although my positions are a little weaker than the overall market.

2.13 pm At the start of trade today my overall capital usage was fairly low so given that I think there's a good chance we hold here, I added a couple more positions.

I bought more Infigen at 133.5 as they quickly shrugged off a weak open.

They are looking to sell their US wind power assets which are in demand and may fetch more than $1 bn, enough to raise Citi's valuation by as much as $2 per share - which seems quite dramatic to me. A couple of other brokers have positive views on the stock while the only dissident has nevertheless upgraded their valuation. As I've said before, I trade off chart signals but a series of upgrades is still useful information.

The other new position is in coal miner Straits resources which pushed through resistance at 240 earlier on good volume hitting a high of 246. I bought as it was running, at 241, although it has now slipped back to 237. It has been making higher lows so I'll stay long with a stop below the recent low at 226.

3.55 Out of yesterday's small amount of Ifn at 138 (v 132.5). Bought quite a bit more at 133.5 this morning so running that.

Overall the index seems to have found support at a higher level than this morning's low and is running again after having slipped back. Reasonably positive for tomorrow.

4.13 I bought some Paperlinx earlier on at 51.5 and sold them into the close at 52.5. I'm still long another tranche at yesterday's average of 55. Srl may have sold down from its highs but it managed to close at 240 which is the highest close this financial year. Stockland group also closed on a recent high at 350 on good volume but I'm full up so I'll have to let that go as I'm not convinced about switching from one of my other positions.

Tiddlers still alive. Mon Aug 17

I left for a trip to Brisbane early in the session on Friday morning with the index close to a peak but after that, fairly predictably, trading on Friday afternoon saw the index fall 30 points or so from its early highs. I was worried about my positions seeing that a weak US market had led our overnight futures down further.

However, my positions are mostly in small dollar stocks and they're running their own race at the moment.

Nerves got the better of me early on and I sold Gpt at 56.5 (v 59) and Mah at 58 (v 49.5). The Gpt was a good cut because the stock had reversed on Friday and wasn't bouncing this morning but I'm disappointed in Mah because I cut it without good reason and now it has rallied further to be trading at 62.5.

I've replaced these positions with Lynas Corporation and Paperlinx.

I paid 49.5 for Lyc as it started to accelerate away from a congestion area and I'm hoping for a push to new highs. It has had a spike to 54 and now, at 11.48 am, it's trading at 52.

Paperlinx is one I mentioned the other day. It obviously surged on Friday and I would like to have bought then on a break of 52. However, it has the look of a stock that could be moving into an expansive pattern so I paid 55 to get set.

I've increased the number of bars on the Ppx chart below. When I say that I think Ppx is in an expanding pattern what I mean is that the surge in February completed a leisurely retracement by early July. In Elliott wave terms it might be a wave 1 then a wave 2. If that's the case then we're early in a wave 3 which could quick move above the February high in the low 70s.

12.02 Out of Ost at 309 (v 306). Unfortunately, I missed the spike into the 320s that I was looking for which raises the issue of when to hold and when to cut. My general rule is to sell a third or a half at my target so I did have a brief window of opportunity on Friday. Unfortunately, I was overwhelmed with some other business and missed the chance.

12.29 Also out of Fxj at 150 and 149.5 (v 152.5) as it also chops slightly lower.

3.21 I'm trying to decide whether to buy back into Stockland Group or not. I really like the weekly chart.... ...but when I look at the daily chart I can't quite imagine an explosive move. It's quite possible it will move slowly at first. I guess if it finished strongly on good volume that would be a clue.

3.49 Nearing the close, the ASX top 200 index is down 1.4% as regional markets also fall and the US overnight futures are weak. Here's the daily of the Xjo.

It looks super extended and due for a pullback but it has done for a week or so. However, when I focus on my stocks they seem to be charting positively for the moment. Also, when I drill down to look at the 60 minute chart of the Xjo, there's still a possibility that this is a retracement of the surge on Thursday and the gap open on Friday. If the index holds above the highs of early August there could be a completion type run up to a marginal new high.

4.12 The market closed on its lows, down 1.6%. Stockland failed to hold but I bought a small amount of Infigen on the close. They've got a lot of the old Babcock and Brown wind assets. I'm often reluctant to jump in when stocks have already run like this but at the moment there's usually good follow through buying so I've bought a small amount; half as an experiment and half to encourage me to develop the habit of buying the strong breakout. Here's the chart.

More of the same. Fri Aug 14

A very brief post today as I'm away for the weekend, leaving shortly.
Just before 11 am the market is up nearly 60 points following another good overnight lead. I'm letting things run generally although just selling a little here and there. Slightly annoyed that I cut Mof the other day - impatience, no sell signal - back in at 28.
Ost has hit my target above 320 but is still firm so I'll try to just keep a trailing stop.

Fretting. Thu Aug 13

Another strong lead has us up 1.1% at noon with Cba following through on yesterday's strength to be up 160 or 3.5%, dragging the rest of the sector (up over 2%) with it. I was sorely tempted to buy Cba soon after the result yesterday when it had obviously surprised on the upside. My plan, though, is to limit myself to lower dollar stocks so I looked for a cheaper stock which might run on a reasonable report. I tried Sgp and it did move up early but quickly petered out so I've cut it for square. I've also cut Pbg because I'm running out of room in my portfolio and I've botched that one - out for square also.

The reason I'm fretting is that this reporting season has seen a clear pattern of stocks running for a couple of days after the result, if it's surprising enough, and I feel like I'm missing an opportunity.

Back to the bigger picture of long term strategy, I've added new positions in Gpt and Ost.

Gpt closed on its recent highs and cracked through this morning at the same time going past the previous short term peak of 58. Long at 59.

One Steel has had a small 3 wave retracement and has made a buy signal on a higher low, higher high pattern. I would expect it to move to new short term highs above 318. Long at 306.

1.30 I forgot to mention this one earlier, ConnectEast, toll road operators. Went long at 41 and the stock looks ready to rock.

3.24 The market has rocketed today, up 78 points, and most of my positions are performing well. Ost is up to 316, sold a small cost covering amount at 311 (v 306).

There's a bullish set up taking shape in Paperlinx. There's no signal yet but it looks promising.

4.12 The Xjo powered right on through to the close finishing with a gain of 2.1% or 93 points. Took some profit in Gff at 152 (v 146) and Mah at 56 (v 49.5).