Hiatus

I took the last few days off and visited friends up the coast. The outcome was ok with my positions benefitting from some minor market strength. The Asx 200 is not leaping out of the blocks though, constrained by a rising currency and continued caution.

Chinese markets come back online after the holiday week and we still await the latest Greek debt deal so the action today is muted. I'm quite bullish and my favoured scenario is for a run up through 4450 resistance to about 4600 but the lack of take off in the recent rally is pouring cold water on my thesis.

I have long positions in AWE, IAU and IPL. AWE is going very well although a quarterly report tomorrow would trigger profit taking if it wasn't good enough.

IAU is reflecting the top 200 with a grudging rally and doesn't seem to be getting any boost from the gold rally.

IPL is the worst performer, struggling to go anywhere.

4.11 I sold out of AWE at 154. It was a good trade because it was in reasonable size and there was a relatively quick move from the 137.5 entry level. I'm not clear on how long I want to hold positions. Ideally, I want to hold them for longer but the doji bar after a quick move is a warning and the quarterly report could provide a profit taking excuse. The main thing was my gut feeling. I've been comfortable with the position for 5 trading days but today I felt uneasy and was looking for reasons to sell.

Here's the daily after the finish of trade.

I bought BRU at 128.5 in mid afternoon. I only got about half of the stock I wanted as it took off. It's a thinly traded junior resource stock so even the reduced position size I'd planned was tricky. I got just under 18,000 shares and my stop is at 122. It finished at 133 and I'm hoping for a rapid move above the recent high.

IAU and IPL both pulled back 1.9% as the resource sector was mostly weaker in a mildly soft overall market.