With other CFDers predominatley short at the moment, I continued swimming against the current
today with my set of 8 longs and 1 short. My one short went down today, which increased the short
trade profit, and 5 of my 8 long trades increased in value today. Hence, overall not a bad day,
and with RIO being my best performer, but the market could tip either way soon.
My sole remaining short trade is IAG as last week I closed my CBA and OZL shorts for a modest
loss. In addition, with my TAH long trade green last week I tightened up my stop to protect
profit and was subsequently stopped out for a small profit. Similarly, after being in a TLS short
trade for an eternity (since 1-May-2014), I tightened up the stop on the TLS trade while it was
green last week. Hence, the TLS short trade was also stopped out for a small profit.
Although I agree with the posts on the CFD forum that the medium term direction is down for some
of the stocks that I have long trades in, I suspect that the short term direction is up.
BHP, BSL, FLT, RIO and WES are all long trades that I opened last week based mainly on the
following factors.
They were all oversold technically.
Positive comments from the Fed in the US re interest rates last week.
Positive comments from China last week.
The global markets remain in an uptrend.
OSH is a long trade I opened last week simply due to the perception that oil could continue to climb due to
the Iraq scenario. The OSH chart has been only been heading one direction for 3 months now, hence,
technically it is neither overbought or oversold imo.
MND is a long trade that I opened last week because it is oversold and was perhaps unjustly punished when
DOW, which is in the same sector, was hammered after losing its contract. The MND sp did well last
Friday and opened strongly this morning, but it gave up the gains later today. I am not sure why
this happened. Perhaps I should have used a trailing stop.
AGK, this long trade from early last week is still progressing slowly, but I happy to hold it open for now.
