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The XAO started last week strongly only to roll over mid-week and by Friday fall back to trend. Price remains rangebound (as it has since November last year) and while this can’t continue forever, at this time there is no sign price is planning to move out of the channel it seems to be stuck in. And as long as it stays rangebound while there will still be winners and losers most share portfolios will do little more than track sideways.

XAO 19Feb21

There were the usual surprises from Reporting Season. Some low life shorters told the market NEA were cooking the books, however, their play was scotched by a NEA release which several fund managers backed up. NEA closed up 21.3% for the week and as I have been holding NEA for a short time I took profit and closed out my trade.

My other trades were a mixed bag with nothing remarkable to report – LTR fell 10% and COH rose 7.4% (and of course NEA was a win). During the week I sold LYC, NEA and COH to take profit. LTR, OBL and BPT were sold as non-performing trades. I also bought ECX, RWC, ORA and HLS today  - see my Stocks to Watch for detail.

My trading was up 1.5% for the week, so better than the market, and while in positive territory for the year I am still trailing the XAO's 3.1% gain for the year to date.

My hypothetical long-term trading portfolio being run for those who have purchased my educational material picked up 1.3% this week and is up 2.3% for the year - again in line with the overall market performance.

Here's hoping the market finds some direction next week.

 

 

 

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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