daytrade diaries....friday

Morning all

It's one thing to expect a down day on the All Ords, it's quite another to try and go long on a day the market plummets more than 4%. The first part of yesterday's strategy worked quite well. I bought at or near the bottom in IOF AIO and GMG. The bounces, if you can call them that were barely worth getting out of bed for and I'm still holding a parcel of GMG.

The odds are that bargain hunters will move in today, and the bounces I expected yesterday should eventuate. I finally smell some money making opportunities, at the end of a week, that for me, is best forgotten.

Some ideas for today and next week:

For a bottom pick, keep your eye on PMP. When that sad little bot that only thinks in three digits is finally done, we should see a bounce that will force a few shorters to cover.

Also look for a short squeeze in these stocks which have substantial short positions from the last couple of days – APN LNG TEN MIG SGP BPT AAX FXJ MAH.

Prosperous trading