At our work things are a bit quiet, so we've all been put on a 4 day week. Bit of a downer but I still make enough money to pay the bills, so I can't complain. I chose to take off Wednesdays. Gives me the chance now to work on the market not only on the weekend, but also at the midpoint of the week. It also gives me the opportunity to taste what it would be like to be a full-time trader
Tuesday night I spent reflecting on the big picture. The Government is pushing gas big time, so that sector should do well. The price of gold is still holding up pretty well, and the calls for a 10% correction are getting a bit quieter by the day. The Copper chart is seeing the uptrend continuing, buoyed by low inventory levels, and strong Chinese demand. Are we in the early stages of a commodities bull run? Fintech appeared to have taken a breather with FAANG having had a correction. That correction may be over now, and there might be a buying opportunity? The Health Sector should experience strong growth in the years to come. Maybe cherry pick one or two that have a unique offering? The end result of Tuesday night was a decision to dump my CXZ cluster flick, and massage the rest of my other holdings to give me the cash so that I could juggle the portfolio around.
First thing Wednesday morning saw research into the gas sector. I had already worked on this on the weekend and was happy with BPH, BUY, AJQ and EMP. I was in BUY, but decided to switch to BPH, as I can see more upside in it given the percentage of ownership it held in Advent. The choice between AJQ and EMP was a lot trickier, as I think both will do very well. The debt level in AJQ made me uncomfortable, even though there was a new gun CEO who has the creds to get on top of it. EMP only had a MC of $3m, so plenty of room to move. It was no longer just an explorer, and it's next drill would be an appraisal one. A JV announcement would give it a huge boost. So EMP got the nod. Great research by Sector on AJQ and Minoil on EMP, made this task so much easier.
Took me until 11:30 to dump my CXZ and juggle the portfolio around so that I had some cash to play with. Locked in a small profit on BUY, and switched to BPH which was having an unexpectedly quiet day. EMP became an issue as it ran from 3.2 to 6.2. Sick feeling in the stomach, and the bubble of being a full time trader was rather quickly popped. It had done the same thing back in May, and fallen back the same day to 3.5. I put my order in at 4 cents, being the support level, and got lucky and had the order filled. EMP is still only a MC of $4m so there's plenty of room to run.
Goldies ... I'm still happy to hold DRE and MAG, but RDS is a tailings project and it's a couple of weeks to get an idea of how much gold is in there ... hopefully 0.3 to 0.5g/t ... so I just lowered my position in there. DRE was presenting at a forum, and they must have liked what they heard, as it had a good day.
Fintech ... I was in IP1 not long ago and had locked in profits at 4.8. I like the story, and there's a lot to still play out there. It had found support at 3.1 cents, as evidenced both by the chart, and by the buy / sell queue, so was an easy choice to get back in here.
Copper ... no need to change as I'm happy with EM2 and NWC. EM2 had an Investor Presentation yesterday which seemed to seemed to help keep the up trend in place, but with clear resistance up ahead at 30 cents. The run has been from 15 cents to 30 cents, so an obvious target of 45 cents, assuming it breaks through resistance.
They are playing with NWC at the moment. It's getting pushed down to draw out supply, and then the volume comes surging in. Might have to put up with this crap for another week or two.
In the Health Sector I was already holding HMD and VTI. HMD came out with a great little partnership with eCare21 in the US, which was a perfect fit for it's business model. HMD quickly ran to 19 cents, but was sold into, ending up at 16.5 cents. I'm out of synch with the market. Maybe the market wants to start seeing revenues? VTI broke through resistance of 3 cents on Tuesday, but had left a gap between 2.9 and 3 cents. This was duly filled yesterday, and 3 cents looks to have become support. There was a lot of volume traded in this stock between 6 and 6.5 cents, but very little volume as it fell to 1.2 cents. I'm hoping for a pretty quick run back to the 6 to 6.5 cents range, but expecting a lot of people sitting there waiting to get their money back.
There, the juggling was pretty much done and dusted by 2pm, so I mowed the lawn, and came back at 3:30 to watch the end of the market day.
The exciting world of a full-time trader ... well, I don't day trade and I'm looking to let my trades play out. I can see a lot of research getting done ... I can't bear to sit at a screen watching the share prices all day long. Maybe I need a two screen setup ... one where I can monitor the market out of the corner of my eye, and a main screen where I can research. Not sure ... but I can see the lawn being well manicured.
The ten stocks in my portfolio are now BPH, EMP, DRE, MAG, RDS, HMD, VTI, EM2, NWC, IP1.
After getting a taste of one day of it, I'm not quite sure how I'm going to fill in next Wednesday
