PMI numbers were universally good and markets were buoyant overnight leaving the picture better than expected and the scenario of a surprise rally still in play. Mind you, the local market is reluctant to go too hard and the rise is 1.1%, not much more than the fall yesterday on no news.
IPL continues to be under pressure and is down 2 but PNA has had a reasonably good day. I've added a new position in a growth stock, iron ore producer AGO. It's resuming a rally after a retracement and I'm long at 314 with a target around 340 and a stop at 300. Not sensational risk/reward but a pretty good probability trade – it's already in a trend and it has momentum. Trading at 316.
I had lunch with a friend who works as a consultant to investment funds. He thinks that a rally would gather steam because so many funds are underweight and would be obliged to jump in and buy after a certain point. I hope so, there would be plenty of decent moves on short squeezes.
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