Oil Search has found a whole lot more gas in PNG and the share price ran from the open. It's holding on to the bulk of the gains with a rise of 36 to 735. I had 600 of the April 725 calls which I'd written off with expiry less than a week away so the move has been a pleasant surprise. I sold out of 100 at 10, followed by 100 more at 15 and at 14.
The fact that the stock has held so well intraday implies that there is serious buying. I'm planning to hold the rest of the options but needed to bank some money after a horror week. Judging by today's move, there could be another 20 or 30 cents in this over the next couple of trading days and possibly more today too, as it's only 1.20 pm.
The index is doing well so far but is close to intraday support, I anticipate some Friday afternoon weakness following recent strength with a weak overnight lead.
I sold out of IAU at 79.5 (v 77) for a quick turn. I was looking for 85 and missed my chance at 83. It tipped over quickly so you had to anticipate a top. Here's a 60 minute chart.
ALL looks a bit toppy and has made a minor sell signal with trades at 311. I'm short a few at 313 and will wait till later to see if the weakness continues. It's a counter trend trade but it's at the point where there have been a sequence of minor new highs close together which is indicative of a turn.
3.40 The index is really doing well, just 3 points lower and resisting occasional attempts to knock it down, worse luck. ALL is holding and I've decided to can the trade, buying back for square. I've replaced it with a short in BLY. This one is having a full blown reversal day and has more chance of the sort of quick move I'm looking for. Short at 409 with a stop at 423.
The strength in OSH has continued and the stock is at 740.
4.14 A late burst of enthusiasm pushed the index into the black, up 4 at 4467. OSH closed at 739.
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