It's Remembrance day, the 11th day of the 11th month and it's also the 11th year.
The market recovered intraday yesterday despite the loss of 102 points and it looked like today there would be no follow through after a minor recovery in the US. However, things have just picked up so that the index is near the day's high at 4273, up 29, with the time at 2.10 pm.
I've just used a one day trailing stop to close out the balance of my short positions in CGF and WSA.
Here's the WSA chart.
My opinion differs on the two stocks. I think CGF can rally more and possibly push through to 470ish while I expect the rally in WSA to fade. However, the market is incredibly volatile recently and I'd rather take my positions off once the swing has lost its momentum. I'm pleased that I took half off at that 5-6% hurdle in each of these positions.
It's the opposite to yesterday where a net long book is costing me despite a rising market. A couple of long positions I'm holding don't seem to be performing and I'll sell out on the close if there's no improvement. OST is an example. I've bought this in the teeth of a fierce downtrend but with a reasonable signal and room for a gap filling rally. However, momentum has faded and that's enough of a warning bell given the headwinds faced by the stock.
4.15 I've held on to OST because it recovered to finish at 102, a rise of 2.5. PXS, by contrast, was unable to hold onto some early strength. I was expecting the stock to move quite strongly but it's going nowhere so I'm out at 131 for a minor loss – entry was 131.5.
OSH is trending quite well in the short term and looks to have resumed today after a choppy correction. I'm long at 640 but just in a minor way because the stop is down at 622.
The Asx 200 rose 52 points by the close of trade and while it's an inside day, it looks set to test 4400 again. I don't know why, but I feel like a squeeze up is due in Europe.
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