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Wednesday's Diary (Issue: 26)

Last updated: 01:00 09 Apr 2008 BST, First published: 00:00 09 Apr 2008 BST

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So here's a surprising buy I made, well surprising as it's in the dreaded property sector.
 
I bought 850 shares in Quintain (QED) at 474.6 this morning. But I do have reasons. First off I like the way it's bottomed out. Second there's been some decent buying and possible stakebuilding. And 3 I think some property companies will get taken out this year and I think Quintain is a prime candidate.
 
So scoff if you must... but we shall see! Target 550 stop 440.
 
I took a loss of £500 in the Johnstone short exiting at 138 as it was hitting the stop. It's been strong for a while and I couldn't give it much more time. However I did make £1,600 shorting it last time - still looks debt laden so expect to get that £500 back soon enough.
 
As I mentioned last time with the Ncc short hitting the target I was getting tempted to take profits and so I did as it started to rise. I wasn't really quick enough off the mark as I could have got out at 321!
 
However I got 332 to take profits of £1,465 which isn't bad. It's rising now and I think this might end up becoming a nice range-trading share at between 320 and 390. So I'm looking to short again now back up in the late 300s. It's going up sharply as I write, probably because shorters like me are closing.
 
So that makes a total profit for the site today of £965.
 
Some very nice gains indeed for the portfolio this week. Star of the show and luckily my biggest holding Telecom Plus just rises every day! It's not surprising given the massive cash pile and the certain knowledge the next statement will show profits of nearly £17m.
 
As it gets towards 300p I think some private investors will take profits. It's the whole number thing. But I won't be taking profits as my view is there is at least another 100p to go for. So I'll be sitting it out. Once it gets through the 300p barrier, it could motor.
 
Hardy Oil is really bringing big profits in now. I just ignore the ridiculous swings as the market makers try and scare holders out. I ignore the day to day mad moves and just let the long-term uptrend continue.
 
Dragon Oil has been consolidating nicely in the 440-450 area - any break over 455 should see 470 regained and then 500p.
 
BG has proved a smashing buy with 250 points profit reasonably quickly. I am starting to think about profit taking.
 
My oil services Hunting and Petrofac are having a good day as too are PV Crystallox.
 
The Rightmove short is really starting to pay off now with my patience rewarded. I can't see why it's worth more than 350 so I'm hoping it tanks by another 100p. If the 450 level cracks, 420 could be achieved fast.
 
Eaga has been quietly going higher, looks like it could try and push through 200p soon.
 
Emerald can't quite break through 300p but trying hard - if it succeeds it'll be very bullish.
 
Gamble Fortune Oil stil goes well and it's flirting with the 9p area!
 
The market is almost unreal at the moment. My finger is hovering around the short FTSE100 button. I can't see much upside, but.. it is proving strong. Maybe the BOE will surprise and cut by half a point tomorrow. Now that would send prices up. Well, for a few minutes anyway! 
 

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