MLS Chart, page-72

A hesitant day

Yes MLS gained 4 pips to finish on 5.2c. The volume was comparatively good, just under 18m shares traded.

So we got another announcement today. I felt it is all right - the buy is not very high, low cash has been given but of course some dilution. MLS has not built a very varied arsenal and is ready for war. Lets hope it makes some wins now. It was good to see underwriters taking their commitment though much under water. Hopefully they help us get out of this mire and in the beginning take us to 8s and 9s if they don't want to hold those shares. This was only our second green in a month. We deserved to finish much higher with nearly 20m cash, but it was not to be. Our day will come, just need to bide over this EOFY sell and stabilisation in markets.

ASX Li stocks inched forward without much conviction though. The 43 stocks that I track, average gain was around 4.5%. The gain was bigger in the morning but we lost some in the afternoon.

Overnight US Li stocks were mixed. The ETF of LIT was marginally up. But other stocks had a mixed day. Some of the big tickers lost around 3% where as some others gained between 5 to 10%. So clearly there was no straight direction. That way, ASX Li stocks did better.

What next - So the Fed raise 0.75% interest. The tone of Powell was acceptable. US indices gained between 1 to 1.5%. ASX started in a very positive note, but as we got closer towards the finish, stocks were giving up some of their gains. ASX XJO finally finished red. So punters over here have not embraced the green of US. Why? Because they feel we may again fall back tonight. Also EOFY sell is in place. Overall sentiment is still weak even though stocks made a small gain. Also, tomorrow is Friday, which is usually a weak day for us. What can give a boost? A big green tonight. Though probability is low. I got out of some of my trading stocks. I feel late next week could be closer towards bottom - we may not reverse immediately, but can plateau there. Lets see. A good green though would be very good, will provide some room if we fall due to EOFY next week. Lets hope so. All the best.