YESTERDAY There was a huge dive in the iron orespot price, better than expected pmi figures from china, a large drop in non residential building construction and continuing low US bond rates (about 2.5%) - too much for one ordinary punter to digest and predict outcomes from all of that.......but ALAN KOHLER explained it all for me in the ABC evening news...... I went for shorting the 3 iron ore stocks, bought far too low at open and came unstuck big time as they rose through the day ..... the all ords went up also, which did not help my other shorts either being stopped out on one of two of my HVN shorts also.... one saver was AEU long, which went up ..... the 6 bites in this stock helped off- set a good part of the losses on the rest
TODAY All the cards fell my way - the all ords went down 0.7%, my shorts all had gains with a few of them making moderate to excellent gains - HVN in particular.
YESTERDAY - i aquired the following shorts and closed them out - FMG, MGX & AGO with some decent losses.... also closed out one of my HVN shorts...
TODAY - i closed out HVN, FLT, BKN & TAH for a good over-all profit - in keeping wth my policy of taking reasonable profits while they are there...... in fact i looked in on them regularly - tightenening my stops right up to ensure that i did not loose my profits should the price regress. AEU(long) lost half of the excellent gain it made yesterday....
So i am left with SWM& MYR (shorts) and AEU( long) - total of ten bites
I have made fresh bids to short the same stocks back at higher levels again, plus a long bid for HVN
