practisingaccountant
Iron Ore was down a little on Friday night and the miners came down with the rest of the market in LON & NY.
However IO rebounded over the weekend which set things up for a possible recovery yesterday.
After the dip in the morning I went long on FMG, ARI and AGO.
It seemed like a fair bet especially FMG after it got smashed on Friday!
AGO got some good press Sunday night from Bloomberg and they had their DIggers and Dealers presentation yesterday!
The Shanghai composite opened on a high and then fell back after which the IO futures dropped off a bit and I closed out of FMG at 4.72.
I opened another position on FMG after the Shanghai composite took off again.
I made good money going long on AGO but closed too early.
I made money on ARI as well.
I was also very happy with my FMG trades.
Apart from AGO doing a little better than I thought it would, IMO it was all fairly predictable!
MGX is very different stock to trade to the others. It probably moved so far in sympathy to AGO. It is a stock which has large price movements just before it settles into a trading range where it becomes very predictable again. I didn't touch it yesterday, but I have made a lot of money trading it this year.
The leads are very positive out of New York and the Iron Ore price is up.
I suspect FMG will have a good day today.
Good Luck!
practisingaccountant Iron Ore was down a little on Friday night...
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Last
$21.92 |
Change
0.350(1.62%) |
Mkt cap ! $67.49B | |||
| Open | High | Low | Value | Volume |
| $21.60 | $21.95 | $21.54 | $94.22M | 4.315M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1000 | $21.91 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $21.93 | 18370 | 7 |
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| Last trade - 16.10pm 03/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |