My commodity stock strategy is moderately positive today. On the close up 0.3% which is a victory considering my account opened down more then 3% on the opening bell.
Found it...GGG ;-) EXR faring way better, a buddy pointed me to that name last year. By the way, I do not consider them penny stocks, they are solid energy companies and I do not see any pump and dump schemes in those names.
I do not trade individual stocks much but when then globally, I traded quite a lot of ASX futures and options on the index back in the day.
@themickey, Chart #2 shows the glaring problem. It's an easy problem to fix. List of the largest trading partners of Australia - Wikipedia
Another woeful ASX stock day today, however I managed to claw back some of yesterdays losses but only about 20% of that, still for a ASX red day & my portfolio showing green was better than nothing. So today was one of those rarer days where we had another massive breakout on another penny stock which passed my criteria, so I took two small bites at the same price, one early in the day, one later in the day. That particular stock closed up ~170% for the day and I managed to get 19% of that. The reason for multiple bites, I'm gauging how sentiment is so I go in small, it's easier to add than go in big and take a large loss if it is a pump and dump scenario where traders are bluffed into a trade.
Not only the ASX.... Taiwan Stock Crash Shows World Dangers of Too Much Leverage By Sofia Horta e Costa and Cindy Wang 12 May 2021 Benchmark index tumbles as much as 8.6% in shock rout Margin debt more than doubled in six months to a 10-year high Taiwan Stocks Sink on Virus Woes, Tech Rout Few things evoke fear in equity markets like a margin call. On Wednesday that fear turned into panic in Taiwan, offering another warning for the world on what can happen when leverage unwinds. The trading day started out quiet in Taipei’s $2 trillion stock bourse. But before the morning was over, the local benchmark index had plummeted almost 9% in the worst one-day performance in its 54-year history. There were reasons to sell. New data showed a worsening Covid-19 outbreak in an island where almost no one is vaccinated. A deepening slump in global tech shares also undermined the appeal of a market dominated by the industry. But the swiftness of the plunge that followed suggests bigger forces were at play...... .....KGI Securities’ trader Kevin Lee, who has been a local stocks trader for a decade, said clients started to panic as the morning wore on. “There were non-stop orders coming in,” Lee said. “Investors were crazy as there were lots of news during trading hours and we didn’t know if they were true or not.” By the end of the day, the index had pared its losses to 4.1%. But the damage to investor confidence was already done. https://www.bloomberg.com/news/arti...rced-sellers-options-expiry?srnd=premium-asia
ASX to drop amid global rout on China worries Timothy Moore https://www.afr.com/markets/equity-markets/asx-to-fall-as-global-shares-weaken-20210921-p58tdd Australian shares are set to plummet at the open amid a broad global sell-off. US stocks pared some losses in the final hour of the session. ASX futures were down 98 points or 1.4 per cent to 7118 at 7am AEST; they earlier fell by 146 points. The local currency was 0.2 per cent lower. Bitcoin shed more than 7 per cent to trade close to $US43,700 near 7.15am AEST on bitstamp.net; it briefly fell below $US43,000 earlier. The yield on the US 10-year note plunged 5 basis points to 1.31 per cent near 5pm in New York. Wall Street’s main indexes tumbled, as concerns about the pace of a global recovery spurred a broad sell-off though “buy-the-dip” investors helped checked the losses. In addition, there’s increasing angst ahead of this week’s US central bank policy meeting. “The September swoon that many were calling for finally arrived,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. Iron ore price slips below $100 Richard Henderson The price of iron ore fell below $100 for the first time in 14 months as worries about the anticipated default of Chinese developer Evergrande added downward pressure on the commodity. Iron ore fell 8.8 per cent to $US92.98 per tonne overnight, according to Fast Markets MB, the lowest level of the year and 61 per cent decline from a peak in May. “The market is likely to remain jittery amid lack of guidance, as China markets are closed until Wednesday,” said ANZ analysts. “Concerns around a spill-over impact on China’s property market are deepening. There is no relief on production cut pressure, as the government is asking more provinces around Beijing to cut their steel production to improve air quality ahead of the Winter Olympics next year.”