daytrades april 11 pre-market, page-2

morning HLL & fellow traders

currently watching the US Masters with 3 Aussies in with a shot of winning with Scott leading , Ogilvy/Day one back, must say one of the most enjoyable Masters in a long time with 10 players still in contention going into the last couple of holes.

HLL, it is interesting how the currency exchange markets had been a leading indicator of a possible BHP takeover for WPL, a couple of weeks ago there were rumours BHP were seeking plenty of AUD's ahead of a possible takeover offer.

below is part of a post I did on the weekend thread which best sums up my thoughts on current market conditions:

the last couple of days showed a clear step up in action in the most speculative stocks on the ASX, the so called "dogs with fleas section" as YT would put it, this could often be seen as the last euphoric like rise before signaling a market top.

Barnsty put a good XJO chart up late in the week suggesting a possible target of 5140 which would allow one final push before a likely pullback/lull in global markets to allow investors time to digest the direction of the next major market move.

caution needs to be exercised when attempting entries in stocks that have large placement hangovers because certain instos have a habbit of putting on a pump&dump to get themselves/larger clients out of bad positions, if you miss the first volume move stay away because the risk/reward is not worth it.


in terms of trading today, no surprise gold/silver/oil stocks are likely to hold the focus of many traders given the recent run in their physical commodities.


one worth holding a few this week is MXR which is a tiny market cap gold play with E/V of only $5 million, the company announced friday that they had hit a 60m interval containing several zones of visible mineralisation.

on top of that the company stated they are expecting further assay results this week close to a previous hit of 3m at 30g/t, needless to say in this bullish gold environment any decent follow up result will be rewarded by the market.