Well, that was a pleasant surprise
Yes AZL gained a whopping 1.8c to finish on 8.7c. Our volume was very good, similar to very high number yesterday, close to 78m shares traded.
What a day we had. Amazing. We had heard of Pump and Dumps and ASIC catching guys. But they may have to start a new investigation - Dump and Pump. But we need to see the enormity of what has been done to AZL trading. Surely some play has happened. I sincerely hope people didn't panic and sell there shares in 6s. The enormity is, we gained over 26% today, highest of 43 Li stocks that I track. But on Tuesday we finished on 9.2c. we are still behind that. Such had been the massacre. Any way, we are looking good. One more push and we should be trading in double digits - for a start. Though that is still so below where we were few backs. So still massive gains to be made here if the markets behave (please dyor)
ASX Li stocks were also smiling. Of the 43 stocks that I track, average gain was 9.5%.
Overnight US Li stocks were mostly on decline except ETF of LIT which gained close to 1.5c. For once ASX Li stocks went against the US Li stocks in the other direction. As I said before, ASX Li stocks have fallen a lot compared to US Li stocks. Some catching to be done. And its happening.
What next -
I had mentioned few days back that one day of DOW increase will not be bought by ASX stocks. I had said it will take 3 days before ASX stocks will notice and act. Last 3 days of US Indices - first day massive increase of over 2.5%. Second day marginal decline, and that too decline happened in last few minutes of trading, else it would have been green. Yesterday again a decent green, NASDAQ over 1.5%. So we noticed it today. Not all is lost. Punters came out of hiding.
Second thing is EOFY sell. I know many punters don't believe that. Heavy selling has already happened. Although 2 more days are left, most may have sold - not sure though. It is a very tricky situation - is it finished or some left. Once the sp starts increasing, all those bargain hunters get panicky - will I miss it. And a chain reaction starts. We didn't see all of it, but at least some.
The sentiment is still bearish. Recession is still on the cards. But some, yes only some, believe that we may have seen the top of inflation. We will get a better picture on 13th July when June CPI figures will be presented. Europe though has reported high. But only the big boss matters.
So two more days of EOFY sell is left. Tuesday last day for settlement to happen on Thursday. You would believe that most would have done their selling by now. But you never know.
Today I did buy a lot of shares but exited during the closing times. Just day traded as wanted to keep the cash. But it was a good day, made 15% average across a number of stocks. Why day sell? Two things, I am still wary of reversal. I had said US indices will have a bad day this week. We had good 3 days. Futures are looking quite good. It should be a green week. But I am happy to lose some and be confirmed of reversal. Second, 2 days of EOFY sell is there. Just want to see how US go tonight, and if its good, will buy on Monday. I know stocks will open higher, but in these conditions, better to lose 5% than 15%, my other 60% will still gain.. I am still 40% cash. Lets see.
So if US indices do well tonight, we are surely moving towards a green week. Odds are good but as a said like to surprise. Though probability of a big red is very low. Best probability is another rise between 0.5 to 1%. We will take that. And start Monday on a happy note. Lets hope so. Enjoy your weekend on a slightly happy note and all the best.
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