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clock Created with Sketch. 03/06/23
01:12
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Originally posted by dc1234:
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Is sentiment turning towards risk taking? . Yes AGE gained 2 pips to finish at 3.6c. Our volume was high, just over 31m shares traded. Ready to go but not in a hurry. Last time there was bullish sentiment, I think 10th May, we opened on 3.6 and ran to 4.1. After few days we came down and touched 3.1 recently. All that is fresh in many people's mind. So what did we do? We played in a narrow range, making sure there is no quick profit and only committed people move up. But of course, we have to see a positive action next week. I picked up a fair few at 3.6 today. Also picked up few other U stocks this week, many today - EL8/PEN/DYL/LOT ASX U stocks were were warmed up yesterday with 4% gain. Today they have started the run. Of the 28 stocks that I track, average gain was around 7%. . So what is happening now - is this the real deal or will it fizzle out like many other small rises we have seen in last 10 months or so? Difficult to say. What is different from last times is that as we are getting away into future, the so called 'supply squeeze" is coming closer. Whether its there now - not enough data available to confirm. The best we can do is take cues from other data and take calculated risk. So every time this type of rise happens, probability is increasing towards a bigger rise. Yesterday I had mentioned we need a follow through - we got one today. But I had said, we need it for few days. So next week is crucial. CCJ close to 52 week high whereas lot of ASX U stocks close to 20% of their bottom - so lot of disparity. But some can look that as an opportunity to think we can go much higher. I am cautiously optimistic and have been adding. Don't want to go in one lot. At least 4 tranches. Second tranche only if we go higher and so on. Don't mind paying higher as long as there is more surety. . What next: . Now SP 500 is getting close to a number I have been writing for 6 months - 4300/4350. Very good chance we could see that. Downside? Yes, as long as 4050 hold we are good - so lot of buffer now. . Caution - lot of bears have not given up including Hedge Funds. Economy doing all right but cracks are there. Bank failures/recession etc. Many finding similarity with dot Com 200. But as I have read and written all the time here, economy is much better than previous crashes, so I still believe it may not happen. But if so many people are saying, its good to have an open mind and alert to a situation.Lead indicator also all good - they are also ready for rally. Bitcoin hesitantly has moved over 27k - it needs to make a big move if indications of further rally is open.. . So what will happen tonight? US Futures slight green. Asian markets big green. Good chance that SP 500 will make an attempt towards 4300 - whether it succeeds or is shot down by big bad bear is to be seen. Will that happen?. Lets hope so. Enjoy your weekend and all the best.
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DC1234 as always, great report., You mentioned CCJ hit 52 week highs,,,,, So did BOE today. the first time I have seen the company over $3.00.
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