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Another week of promise where the dark storms of Friday clawed back all of the prior 4 days gains.

My hypothetical long-term educational portfolio closed up 1.1% and my own trading was 2% in the green (making up for a poor showing in the previous week) – both good results when the XAO only broke even (down 0.4%).

Gold continues to be an ongoing disappointment for me as I felt it was moving up from a bottom, but Friday proved me wrong on that count. I had NCM in my educational portfolio as well as my personal trades (although the latter was just part of an earlier larger trade that had already been sold down). Both these holdings will be sold on stop loss come Monday unless NCM opens with a rocket under it.

The XAO remains bearish now having made a lower trough followed by a lower peak and another lower trough. While last week’s candle was a doji, suggesting a reversal and higher prices this coming week, Friday’s US market was lower and our futures are down almost 1%. It’s hard to see much joy in the charts this weekend.

I did have 3 small flutters this week on NVX, ABR and NMT because they all had strong potential for short-term gain. NVX obliged with a 14% windfall for a 24 hour trade, while the others moved back a little on Friday.

BXB was the big loser this week (down 9%) and I did something I tell people not to do. I’d sold two thirds of my trade a couple of weeks ago (which was opportune) but I bought more at the low on Tuesday as I couldn’t see any real reason for the big fall and felt that BXB would probably recover (it has picked up 3.5%). However, doubling down is a really, really bad way to trade.

On the positive side of my ledger JLG rose 7.7%, TRS, IFM and LYC all added between 5% and 6% for the week.

With Stocks to Watch I’ve deleted BXB (for obvious reasons) along with SFR, NAB and MIN, who have all lost their immediate promise. I’ve added TLS (an old chestnut) and TRS who now seems to be on the road to recovery.

Contact

Robert Norman

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

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