The local market continues to rise against the tide of an expected impact of some unknown quantity on the local and world economic front from any Chinese economic slowdown due to the coronavirus. The market is up strongly today. Any fall below the recent swing low could be a warning of further falls and a place where a hedging position could be considered.
With markets constantly in a state of flux it is prudent to keep an eye on possible adverse share price falls and plan your exit point ahead of time to curtail any bigger impact. Hedging one’s portfolio against falls is also an option as well as to initiate new positions that may benefit from changing circumstances.
The BBOZ geared bear fund could be one hedging option. Watching for a swing higher.
The Australian dollar is looking weak at present.
The price of gold looks to be consolidating the recent move up making a higher low.
Wagners has moved below two possible support zones and is very close to being sold.
In the battle of the heavyweights Commonwealth Bank is up four per cent today to $88 with CSL up one per cent after both companies released their latest results.
Wisetech Global has bounced up from support and we will buy a parcel today ahead of upcoming results next week.
Pinnacle Investment announced a strong result and the share price moved up quickly.
Global education provider IDP Education leapt 27 per cent today on a good earnings result and said the coronavirus was yet to have any material impact on the business. Previous February report days have also seen shares rise.
ALS continues to look strong. The lithium miners also have some interesting looking charts, watching.
Units bought (sold)
From last table
Buy CSL 3/12/18
c/f 9/1 at $192.31
c/fwd 3/1 at $280
Bought 10 at $192.31
c/fwd 3/1 at $2.33
Bought 1,000 at $1.03
Bought 1,000 at
$1.75 on 16/10/2019
Bought Magellan Financial Group
c/fwd 3/1 at $59.00
Bought 40 at $57.50
Bought Newcrest Mining
c/fwd 3/1 at $30.44
Bought 100 at $30.20
Bought Resolute Mining
Bought 2,000 at $1.25
Bought 100 at $25.00
Bought Capitol Health
Bought 8,000 at 25.5c
Bought EML Payments
Bought 500 at $5.40
Bought City Chic
Bought 900 at $3.20
Bought Pro Medicus
Bought 100 at $25.60
Bought 700 at $2.90
Stock c/fwd 3/1
$30 per round turn added when sold.
Less buy/ close prices and Margin
Tuesday’s close or 6am for US
Disclaimer: The commentary and trading positions taken are for educational purposes only and are not an invitation to trade. Trading is risky and individuals should seek Professional counsel before making any financial decisions. Many thanks to Incredible Charts.com software for most of the charts used in the column.
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