daytrade diaries... monday, page-4

morning guys,

after 6 weeks of gains in the US and the biggest 6 week rally since 1938, global markets are looking a little overbought and in need of a pullback to refresh.

saying that there maybe further momentum trades in the REIT sector with MDT and VPG looking likely to run if volume continues, the base metal sector is looking promising with lead/zinc and also tin moving significantly higher on friday night, so there maybe some further action in the likes of CBH/PEM/JML/MLX etc, just be cautious if volume drys up.

I would be very cautious of iron ore plays with the spot price hitting fresh lows this week and some negative sentiment coming through from price negotiations.

for my two weekend holds GDN and VIR it could be a very interesting morning with VIR due to announce to the market details of a takeover offer and GDN likely to update the market once again on gas exploration in Utah.