Each Monday, Stockhead’s resident day trader gives us a peek at the highs and lows of his trading diary and hints at what might be coming this week.
Platform used: Marketech
Round Trip: A round trip is $10 up to $25,000 and then above $25,000, commission is at 0.02% in and at 0.02% out.
Rules of engagement: Never hold any positions overnight (unless forced) and try to avoid any suspensions (if possible). No shorting.
Monday September 12
Come in today and watch everything shoot out of the gates and then come back down half an hour later.
Pick up some CBA and RIOs and then watch as RIOs go on a rally back up and CBA slowly follow behind.
WDS at below $33.00 looked okay and had a go in them twice.
The last time was in the last half hour and was a bit risky, but had not too bad a day, so I thought it would be plus or minus $100 or so. In the end it was $35, which will pay for tomorrow’s coffee.
The gap between CBA and RIOs has closed in CBA’s favour to 24c with RIO’s performance in the last few trading days really coming good.
Up $955 on a Monday, so can be a bit more loose tomorrow.
Recap
Bought 1,000 CBA @ 95.92
Bought 1,000 RIO @ 95.16
Sold 1,000 RIO @ 95.75 ($590 profit)
Sold 1,000 CBA @ 96.10 ($180 profit)
Bought 1,000 WDS @ 32.80
Sold 1,000 WDS @ 32.95 ($150 profit)
Bought 1,000 WDS @ 32.82
Sold 1,000 WDS @ 32.85 ($35 profit)
Tuesday September 13
LNK was the day’s biggest faller, so had a small go and broke even on them. They were very boring to watch.
BHP had a bit of a tumble and then recovered and so did FMG but they never really recovered. FMG have had a reasonable run over the last week or so but feeling a bit tired today.
I held on to them in the hope that they would spark, right until the death but no luck.
Finish down $130 and up $825 this week so far. The gap between CBA and RIOs widened out to $1.29 today with CBA finishing at 14c off their day’s high at $97.94, up 1.74% on the day.
Recap
Bought 3,000 LNK @ 3.58
Bought 1,000 BHP @ 39.28
Bought 2,000 FMG @ 18.40
Sold 1,000 BHP @ 39.49 ($210 profit)
Sold 3,000 LNK @ 3.58 ($0.00 profit)
Sold 2,000 FMG @ 18.23 (-$340 loss)
Wednesday September 14
Big falls overnight with the European markets opening up and then turning around after the Dow tumbled on worse than expected inflation figures.
Am strapped in and ready to go for some 11.00am action. Start out with some FMG, as both RIO and BHP opened just as weak but started to rally and FMG was lagging behind.
Next onto CBA, who really only truly got smashed down at 11.50am and then again 40 mins later. Manage to get in and out of them twice, with the second purchase on what I thought was a cheeky limit, but the market obviously did not.
Lastly, WDS kept on falling and was down almost 70c on the day and being oil, I thought better than a late punt in the banks.
A good day for me, as came into a sea of red and some over-selling by the panickers and stop losses going off and you just have to think that if you were short, when would you start to cover, as them’s are the buyers.
Up $1720 and today RIOs finished ahead of CBA by 37c! That’s a turnaround!
Recap
Bought 2,000 FMG @ 17.69
Sold 2,000 FMG @ 17.90 ($420 profit)
Bought 2,000 CBA @ 94.59
Sold 2,000 CBA @ 94.71 ($240 profit)
Bought 2,000 CBA @ 94.50
Sold 2,000 CBA @ 94.95 ($890 profit)
Bought 2,000 WDS @ 32.25
Sold 2,000 WDS @ 32.35 ($200 profit)
Thursday September 15
After yesterday’s heroic effort, I draw a blank today as everything kinda just settled down and drifted along.
CBA had a range of 68c and the likes of RIO had a range of $1.36, whilst FMG was just 55c.
BHP was teasing me by hovering around the $39.00 level and it matched FMG’s range at 55c, though everything was moving around in slow motion.
No real knee jerk reactions or xd action going on today. Maybe everyone’s eyes were on the Queen’s coffin rather than the market.
Will have to see what the trading gods offer me tomorrow. I read that Cathie Wood was buying the dip, so we may see a fall in tech stocks overnight.
Friday September 16
Had one of those days where I thought what would be a quick trade ended up going down to the wire. Overnight something must have happened to Woodside.
Not sure what, but they closed at $33.75 and opened today at $33.00, so I thought that at $33.04 that I couldn’t get myself into too much trouble.
Well I was wrong there. If I had not doubled down, then this one trade alone would have me down $1,680 at their low and down $500 at the day’s end.
You can see from their chart that there was just a constant sell down till around 2.30pm, when they started to recover. Their volume today was 12.6m, whilst BHP’s was a whopping 21m.
If WDS hadn’t rallied in the $4.10pm session, then I would have been toast. Their range today was 97c and at their low, they were down $1.60 from Thursday’s closing price.
In the end, doubling down saved me and I finished up $1,420 having been down over $3,000 at one point.
Added to the week, it comes in at plus $3,965 or $3,482 net. Next week should be interesting, what with a public holiday on Thursday and the school holidays coming into play.
Recap
Bought 2,000 WDS @ 33.04
Bought 4,000 WDS @ 32.76
Bought 6,000 WDS @ 32.39
Sold 12,000 WDS @ 32.74 ($1,420 profit)