Exited Origin Energy. Small profit. Still holding Beach, which is down 0.71% today. CL futures rising this morning, hoping this will pull Beach upward, so I can exit with profit. The overnight oil bounce wasn't strong enough for my liking to continue holding oil positions.
Just now exited Beach Petroleum with profit. That's me cleared out of oil positions with small profit. Currently holding 4 telco stocks, one which is Vocus which is underwater (I stuffed up when buying, accidently bought incorrect position, but will hold for now as it is beginning to rise again. Will dump asap on breakeven if possible) Nothing else around on short term horizon to buy, gold still not a buy, this still trending down.
Gold sector is running up in Australia, now the 4th day with higher close. Somehow I'm not convinced to enter. Me thinks leemings are rushing headlong over a cliff. I could be wrong as Aus. often leads but gonna sit on my hands here in the meantime.
Any change on gold with new price info? Price action around the U.S. CPI and retail sales is supportive of USD continuing down and gold, bond prices , yen and emerging markets up. 80% chance of June FED rate hike still. I'm looking at doing something Monday around this.
Thanks for asking. I weighed up the pros and cons, Monday I will go long. The buy signal I'm seeing is not a brilliant green light but its more green than red. Often the best moves come from uncertainty, ie when everyone is cautious often the move is more sustainable than when the bulls are rampant. I wont trade the open, but going in later in the day.
When trading / investing on the stock market, what are you doing? I'll answer that; you are determining to make a profit, buying low and selling higher in the conventional sense. If you view the S&P500 as an example, you will see price rise and fall, and if you ask blind Freddy, he'll tell you those trends go in straightish lines more or less, with perhaps little curves at each end as they roll over. The same applies to nearly every index / sector / fx / commodity / you name it on the markets. Now I wish to ask another question. Do news media announcements occur in straight lines? Answer: "hell no they don't!" Well if news does not happen in straight lines, why do markets travel in straight lines? The point I'm getting at? If you trade, why do you care about news or company announcements as part of your trading strategy? The media and their bosses want you to believe everytime the markets turn up or down it's because of the news, "Trump said this", "Brexit" "Elections", "North Korea", "a bomb went off"..... etc etc. I call bollocks! You see; you are trading numbers, get in low, get out high. You are trading digits! You are not trading news, you are NOT trading emotions, feelings, gut feel or hunches. You are trading numbers!!! Think like this, you are playing a game, when it turns get in, when it turns again get out. Not rocket science.
Just sold all gold positions. Gold struggling to make any meaningful headway when SP500 continually wanting on making new highs, so I'm continually having to resort to scalping which is not my preferred method. Acc1, no positions held, Acc2 +5k, Acc3 +15k
Long the following positions on Mkt open on accs #1, #2, #3 METALX, OZMINERALS, SANDFIRE RESOURCES MLX, OZL, SFR.
Friday morning I entered into 4 new trade buys, using a slightly different method from normal. I have been of the mindset recently that SP500 is not yet in a bearmarket mindset and there is more upside to go yet. My normal trading style is buying commodity & sector swings, this time I bought 'random type positions' on this latest market upleg. Positions bought on ASX were; Flight Centre, Mesoblast, Altium, Arb Corporation. FLT, MSB, ALU, ARB. During the day I observed the behaviour of said positions, Mesoblast underperformed and so dumped on market close. You may well ask, "how come a EOD trader who generally holds for a number of days, daytrades?". Well I use a style that says if you are going to buy a position on a green light (market bullish sign) then the position needs to start gunning from the get go, if it languishes, that tells me that right now, time for that position is not right. Markets surge and retreat in durations that don't last that long, positions which languish while in general terms the market is racing, these positions get the chop quickly for the reason being, I don't wish to tie up resources on underperformers. Also on Friday I sold Vocus Communications. VOC. Vocus I bought a couple of weeks ago in error, the code got put into the wrong list I had at home and in my haste bought a position which was not meant for my buy list. I was unlucky as the stock then soon after gapped down bigtime, and I sold at a loss (it had somewhat recovered since.) Current positions holdings across 3 trading accounts are: Misc stocks ALU, ARB, FLT Telecoms: CNU, SDA, SPK Natural Gas: LNG Copper: MLX, OXL, SFR No gold positions held as I'm not convinced this is going anywhere atm.