A lunch time update

The market has found its second wind in the last hour or so of trade.. There has been a spike in US futures, along with the EURO and aussie dollar rallying.

A few charts which looks nice include VBA, CAP and ORG.

Here are the charts. If VBA can hold the 41c level into close, I wouldnt be suprised to see it test recent highs in the coming week.



Here is the CAP chart.. spotted the down trend breaking this morning @ 42-43c. Now 46c and volume building.



And lastly ORG. Completely bucked the trend this morning when the market was showing some weakness.. Here is the chart from yesterday when I noticed it.



Good luck into close and have a good weekend.

Cheers
Kevi

My first video blog: The perfect day trade - BTA 16 Sept 2010

I mentioned the BTA dump and bounce today on Twitter. "Gimme" trades like this don't come along every day, so I thought I'd produce a video replaying the trade as it panned out.

I actually had an alert trigger in Web Iress just as I was about to buy, and the few seconds that it took to close this and click back on my buy order was enough for me to miss this trade. There were more than a few choice words heard in the office after that...luckily my son wasn't at home, or the swear jar would have had a nice little bonus!



It's my first video attempt, and the volume is a tad low, but hopefully you'll be able to hear it OK. I'd suggest viewing in "full screen" mode.

I intend to produce more videos in the future. If there is anything in particular you'd like to see let me know, and I'll see what I can do.

Alan

Options/Index expiry this morning

SPI Futures / XJO Index Options / Index LEPOS / XPJ Futures and Options / XFL Futures and Options expiry this morning...

No time for an explanation now but basically means very high volumes on open. I will be looking for any anomolies on open (ie anything opening way too high or low) for the quick scalps.

Alan

Want to work on the psychological side of your trading?

As many of you may know, improving the psychological and emotional side of my trading has always been a key focus.

One site that I find incredibly helpful in this regard is Brett Steenbarger's TraderFeed. Brett is no longer actively posting on this site, but there are a wealth of articles on market psychology and enhancing trading performance. Some of it is pretty heavy going, but it's an absolute must read site for me...especially if I find my trading edge or discipline slipping.

Another large stash of articles written by Brett can be found at www.brettsteenbarger.com

Happy reading!

Alan

Still looking for the stocks a little slow out of the blocks

Just adding a few thoughts to Kevi's post below...the last 3 weeks or so has certainly felt like the good ol' days with over 300 point gains on the index. I think we must be getting close to a point where a dip would be healthy for the charts and market in general.

As I mentioned a few days ago, with several sectors starting to move into "hot" territory, I tend to focus on trying to find a few plays that maybe haven't run with that strength yet.

Here's one quick example...Moby Oil and Gas (MOG):



You can see that she has formed a nice rounded bottom pattern over the last few months, and yesterday she broke the recent 15.5c res. I'd like to see some volume kick in for more confirmation though.

Next key chart resistance appears to be around 21c.

As always, this is not a buy recommendation. I took only a very small position in these yesterday, but will watch closely today. I will be keeping it on a very tight stop, and only holding until momentum stalls.

I'm sure there are many more undiscovered gems in some of these hot sectors if you put the time into scanning the charts.

Alan

Kevi's thoughts for the morning

Morning all,

I suspect we will see another good day today on the back of further gains in the US.

Oil in particular has been strong over the past week or so, putting on around $6 to be at $77.18 US/barrell (see chart). So it might be worth watching some of the oilers, as they could provide you some good little gains.



Here are some charts of interest.

Nido Petroleum (NDO)



Alkane Resources (ALK)



Ampella Mining (AMX)



Minara Resources (MRE) 2 year weekly



Minara Resources (MRE) 6 month daily



Anyway, thats enough from me.

Good luck

Cheers
Kevi

Charts of Interest this morning.

Morning all,

With the futures powering on this morning from Friday's close, I would expect a decent gap up today across the board..

A few charts of interest that might be worth watching.

Qantas (QAN) is showing a nice breakout of pennant formation. There is some resistance around the $2.63 area, though indicators as you can see on the chart below are looking good. MACD and stochs have crossed over and are turning up, in addition positive divergence.

Im not willing to give any targets here, though the next level of resitance is around the $2.80 level.



I also noticed a similar pattern on the XPJ (ASX200 property trusts) on Friday. Another pennant break out with a higher swing now in place. This sector might be worth watching this week as it looks to retest and maybe breakout above its recent highs.



Good luck today

Cheers
Kevi