Yes AZL remained flat to finish on 7.7c. Our volume was very good, but less that 50m we have been doing last few days, of over 28m shares traded. After a good gain yesterday, there is a tendency to fall back a little, but we were able to hold the sp on good volume. If markets behave, we should be able to march towards 9 soon.
ASX Li stocks were in consolidation mode, but in positive direction. Of the 43 stocks that I track, average gain was 1.5%.
Overnight US Li stocks did not move much. Although the indices were flying, the Li stocks not so. Most Li stocks including LIT were just in positive, although a few stocks made a gain of 3+%.
What next -
So yesterday I had said that US markets may fall down but I was wishing they continue their march. After a big gain on Wednesday, US indices soared yet again yesterday. Some tech stocks including Amazon did well and propelled the market forward. So they defied last few instances of drop after Fed rate-rise day and continued on the merry ride with decent gains in all indices.
Today ASX also took the cue from US indices and started strongly. It remained strong throughout the day. Stocks though were having a mixed day. Some took the cue and made some decent gains, but many other stocks remained flat or declined slightly. But we still finished in the green overall, so that was good.
Personally I had mentioned yesterday that I had bought heavily in the morning but had sold half into the rally yesterday. Apple is reported good earning report and US Futures in Nasdaq and SP 500 are strongly in green. I was again in dilemma to buy/hold/sell - my trading stocks. After much thought, I let go another 25% of my trading stocks. There were some good gains in some stocks, I had a pre-conceived plan to sell, though I was tempted to buy more or at least hold after seeing strong green US futures, I stuck to my pre-plan. After this fall from April, one thing I had promised myself was to play with caution, so I may not maximize my profits, but if its in forward direction, I am happy. I still have 25% of my trading stock and all my long stocks, so still around 65% invested and 35% cash. Happy to buy higher if rally continues, my 65% will be rising as well. . So what will happen tonight? Both the key US announcements around Rate-rise and GDP have been digested in a very positive manner. One reason was that those were on expected lines. Also many earnings report has been decent. Finally the Fed sweet talk has worked wonders. Apple announced after market and is trending around 15% up in pre-market. It is a big share and has strength to carry the market. Other key announcement today is around Personal Income - but based on what has happened around announcements, it may not make much impact. The cryptos are flying. Bitcoin has now gone above 24k mark. They like what is happening and are very positive for tonight. The volatility index VIX is now in 22+, so very positive for bulls. Asian markets though were mixed. Aus/NZ/Kor/India are gaining decent, but many other are still not buying the US euphoria and some Asian markets declined, some significantly.
Gold and silver are flying. 10 year bond is decreasing, but it is still inverted with respected to 2 year bond - a characteristic of a recession. Us indices across the board have now risen around 10% from their bottom - which is quite significant for anyone thinking we are in bear market. SP 500 is trying to eye the 4200 mark - which is being watched very carefully by both bears and bulls - first whether it reaches there, and secondly if it can hold that. The reason I was cautious is that I feel we may have a pullback/consolidation at some stage. Also sometimes US punters give a surprise. But its not looking that way tonight. It looks like green all the way, may be another big one. Lets hope it happens that way. Enjoy your weekend after another good week. All the best.
AZL Price at posting:
7.7¢ Sentiment: Buy Disclosure: Held
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