daytrade diaries... october 23, page-2

Todays Picks
BCC/BCCO: Always nice to see directors instilling confidence by buying on market. The MACD looks set to dross down through its signal line however RSI and Stochastics are low and could easily give a buy signal if the prices improve. BCC should be a star performer in coming weeks as we get closer to the spud date at Lee County.

GOA/GOAOA: A weak day for GOA yesterday. The shares on both the buy and sell side have dropped by a couple of million today. I will wait for a break higher on volume before buying more.

ATI/ATIO: The announcement of the placement at $4.9m 3.5 cents last night is terifific news for ATI. I expect a lot of interest in this stock today with a push through 4 cents likely.

MHM/MHMO: As I expected there was a great trade on the open yesterday followed by a spike then a retrace. I believe the price will hit 30 cents again in coming days in anticipation of placement shares hit the market before heading up again.

OVR: No changes to my expectation here. Watch for the lines of stock at 9.4-9.6 to go as a sign that a move is underway with a target of 12 cents.

CCU: Bought twice at 17.5 cents yesterday and may pick up a few more today. I heard that there had been a large seller who finished yesterday so hopefully we will see an up day today.

ETT: What a great opportunity ETT provided yesterday. The announcement hit the ASX boards during lunchtime and it took a while for the news to create the increase in demand for shares. I bought a substantial holding at 0.4 cents, sold half at 0.7 cents soon after and then sold a few more on the close. That was a mistake on my behalf because I was only interested in selling at 0.6 cents but somebody changed their order with seconds to go before the match up. Anyway I am happy to be free carried on 1m shares here and will hold to see what eventuates. I will also be on the lookout for further trading opportunities with an entry target of 0.4 cents.

Good luck trading today everyone.