It's a tennis match; risk on, risk off, risk on, risk off and now it's risk on again. Chinese authorities have reduced reserve requirements and that's confirmed the scenario of a looser credit environment. The Asx 200 is up 1% which is not exactly reckless enthusiasm but major stocks going ex dividend adds another dozen points and with overseas markets refusing to tank, it looks as if there was a false break and a quick reversal could be in order.
I've scanned some resource stocks for possible reversals and AGO has come up. Even if it doesn't beat last week's high, it should get close. Long at 316 with a few more to buy towards the close of trade.
LYC had a steep drop after the euphoria surrounding the approval of the Malaysian processing plant. I'm long at 123.5 with a stop just below 120.
I do have another long in PDN but I didn't buy many as I'm a day late on that one. In at 174 with a trailing stop below yesterday's low at 168.
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