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A very pivotal time - we're pretty much at where the market topped out before
A very pivotal time - we're pretty much at where the market topped out before. Is it to breakout and will be see further rises? Or is this a double top and time to sell?
Amazing to see as I write we are over 5500 - looks like even 5600 could come into play which could see us move back up to 5800 which would be amazing. I do think anywhere back up at 6000 and I will be getting some big shorting boots on.
Anyone with a time machine please let me know when we topped out...
Mouchel Parkman (MCHL) has been in the middle of a bidding threesome concerning VT and Babcock (it's too dull to cover, google it!) The shares slumped when the bid was called off and this looked like a great time to buy - the shares began to rise strongly from the slump so I nipped on a spreadbet for £30 at 191. Target 250 stop 170. It's almost inevitable it'll be bid for again at some point so this looks like a great entry price. Especially as Mouchel shares look worth 190 on their own merit anyway so looks like a little downside big upside share, the kind I like!
I've taken a little pre-results gamble on Zotefoams (ZFT). Results are on Tuesday but the last trading statement was pretty bullish so I've got 5,000 at 91.9. It's risky as if results disappoint with the spread I could easily lose, but the risk/reward ratio looks just about good enough. Management said results would be better than expectations so they ought to be all right though you never know for sure.
I sold and rebought Hardy (HDY). I sold at early doors yesterday at 240.6 and rebought them later in the day at 227.63. target 300 stop 215. That's a profit on the original purchase of £247. I sold as profit takers came in on inline results - but buyers also came on the order book strongly at 220 which seems decent support.
With the market continuing to be strong I've axed the remaining shorts. No point swimming against the tide but I'll be back for them when the trend changes back.
So it's goodbye to Next at 1895 for a profit of £225, Wolsely at 1586 for a profit of £155 and Imagination at 243 for a profit of £75. Northgate at 191 for a profit of £300 closing out for a total short profit of £755.
Of course in hindsight all these should have been closed earlier for way better profits but I wasn't sure about the market breakout and in any event of course the longs go up.
Elsewhere a nice rise from recent buy Harvey Nash which continues to look underrated - a good start for this trade. Other recent trades Nestor Heathcare and Huntsworth also go well with Huntsworth continuing to buy up its own shares.
The two volatile plays Afren and Centamin both in good profits now.
SDL has got to be the best trade of the year so far! Very quick profits of more than 20% there, bought just at the right time and it's trying to get up and over the 500 mark. It's past target but I do like to run winners so passed on the tempation of bagging the nice profits of well over £3,000.
Spirent is really going for it! The top up goes really well and it doesn't look long till it joins the list of doublers.
Dialight has settled down after results. Looks good - profit-takers seem done and would expect a rise up to the 300 level in the next few weeks. Axis Shield starts a bit of a rise.
PZ Cuzzons continues to look good - bit of profit taking in the late 280s but now on the up again.. Little gamble Asterand is already paying off - rising nicely in the run up to results later this month.
Micro Focus goes well now and up again today but can it break 500 again? RM has gone above 170 which looks bullish. It also confirmed a big contract win today.
Dimension Data has gone up even more strongly over the last couple of days after its excellent statement and now up more than £3,000 already on the big spreadbet I have on it and more than £1,000 on the standard trade. Trying to conquer 95 now.
Long term trebler and then some Petrofac is booming and has soared up to nearly 1100 now. Fantastic share this has been!
A fascinating time, how far can this rally go?
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Other articles in The Naked Trader column
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04/03/10 Is it all too much and is 5550 the top for now?
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26/02/10 Where on earth is the market going?
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25/02/10 A pretty strong showing over the last few days - can it last?
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18/02/10 It really is a good old fashioned ding dong between bulls and bears at the moment
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12/02/10 The market volatility means some nerve is needed!