hi all -
the US markets were up on Friday, the china PMI index jumped a good bit today, and the spot price for iron ore moved up a little......WTC oil was at $US107.00 and the $A was at 94.4.....
so the all ords moved up to the middle of its trading band (still slightly down trending now)...
iron ore stocks moved up - I quickly closed out my short on AGO, and raised my short bid for FMG a lot higher as it was moving upwards quickly.....
OSH came down and took my second long for the stock, and then went up again - a little.....
IAG came down and took out my second long bid @ 5.76..... it seems that the market at the moment does like the purchase of wesfarmer's insurance arm...... the probability is that the price will continue down having consolidated a break through the bottom of the upward trending trading band..... I don't agree with the market's assessment of the acquisition, but I am not going to argue with it, so I will likely sell my holding tomorrow at hopefully about what I paid for the stock...... imo this is a reasonably priced stock for a long term hold, so I will hold my fire here until it looks like trending back up....
Finally got a piece of PDN - short, and that's going well..... I can't see much of a future for uranium miners with other sources of energy now being more popular..
playing games with MQA, its long sticks and its rangy nature, at the moment with lots of money involved..... I have been in and out of this one a number of times and I think I have found a strategy that might be very profitable - that's if its current pattern continues. now I have spoken something is sure to muck it up....
I have got a lot going on - holding a number of shorts and longs, and lots of bids also both short and long.....
Gold stocks and signs of inflation in the US are something to keep an eye on.... I did not think there were any great concerns about inflation in the US - its been very low, especially considering the low interest rates..... but I guess with these low interest rates now likely to continue well into next year there is a good possibility that pressures will mount ....
