agree - although I did short on close yesterday for a quick trade
To me, the markets are getting a bit ahead of themselves, but the hunt for yield is keeping people invested. I trade BHP, HSBC, STO, NCM, FMG etc - but the bullish one is the gold stock. When basic materials miners drop, then we see 'risk-off' sentiment. Risk-off sentiment means flight to quality and in this free-cash economy that means gold goes higher. Investors wanting to hold A$ (yield) and benefit from gold will love NCM.
This morning I am short STO, BHP and NCM. If NCM goes higher I will short more, but will be re-entering longs again in mid 24's when it gets there. Range bound markets at the moment...
NCM Price at posting:
$25.46 Sentiment: None Disclosure: Not Held
