Well, well. The markets just keep going up- every dip continues to get bought. They just like the m and a activity.
My view is that shares are actually trading around fair value but the market could still easily overshoot more to the upside. However just as easily we could see a collapse so for now I'm kinda on the fence. Happy to try and follow whichever way it goes.
As I said at the seminar - if I buy something for now it really has to be for a good reason. A lot of good gains have been made - the easy ones I guess - and further gains now are going to be harder. However I have a nice shortlist but biding my time and would love to buy some of them a bit cheaper.
Indeed there are also some shorts coming onto the radar - some companies with big debt discussed at the seminar - but with the strong market it's simply a matter of waiting to short them a going against the trend is chancing it.
I love doing the seminars because later in the day when I'm doing share scans often some interesting shares emerge as well as ones already on a shortlist waiting for the right time to buy.
One that came up at the seminar was one I have always ignored in the past because I thought its technology was dated, it would never really make money and might even go bust. Indeed I thought it was a share only a real idiot would buy.
But it came up on a few scans and at home I would probably have not bothered researching it but I did at the seminar and amazingly I became interested.
It's called Photo Me (PHTM) and I can hardly believe I own some buying 10,000 at 32.75 . It really looks like it's possible that the company is really turning around and I was especially impressed it has got some booths into Tescos - and indeed two people at the seminar said they had used these new photobook booths. It looks like management could be turning an outdated technology into something people want to use. Time will tell. I also liked the buying volume that's been coming in. And best is that cash appears to be rolling in and debt is way reduced. Target is 42 stop 28.
Nipped some Telecom Plus (TEP) live at the seminar getting 500 more at 304 - using the order book to get them at the then "sell price" - statement today says all is on track and it's making sure it doesn't get saddled with any dodgy gas/elec accounts and it's improved its incentives to new distributors. Profits for the website on this longer termer now over £20,000 and thousands of pounds worth of dividends! As we saw at the seminar, level 2 looked really strong. Do remember whenever I mention this company I have been a distributor for them for 10 years and so am somewhat biased in their favour!
As mentioned above a number of shorts are coming onto my radar - companies that have risen strongly but maybe have overshot to the upside and a few came up at the seminar. Wolseley (WOS) was one that came up and looked a tempting short. In fact thought I would short it on Monday. But then on Monday it released a statement saying things weren't that bad (but still pretty bad) and some debt had been repaid - even so I can't see how it can be worth more than £4bln so I waited while it gained Monday, yesterday and today and even though I think it is never wise to try and call the end to a strong uptrend I've taken a chance and shorted it this morning for a tentative fiver at 1512.
Looks overcooked and looking for an intial fall to 1400 and possibly more. Target 1400 stop 1535. However as I write is has gone up to 1521 so looks like I am going to get stopped out any minute! Worth a shot though for a good profit Vs potential small loss.
I set a tight stop because if I got it wrong it could easily boom higher again. And I'd rather take a small loss quickly.
Harvey reported today - it's done quite well over the recession and there's a dividend rise and while there doesn't look to be much downside - and bid potential - I sold mine this morning at 51.38 to bank some profit. Mainly sold as the mm's had marked it down already and I suspected some selling would follow later. Profit is £1,108. It has dipped further since - I think if it drops a tad more I'll buy some back.
I also sold Styles at 34.5 because it kept slipping and it is my riskiest. Again here I might be tempted back in here on any sudden further dip. Profit £110. Total profit for the site today is £1,218.
Elsewhere Alterian has now trebled for me, what a brilliant share and it's up again today on news that a recent purchase is going well. Not been tempted to take profits on these yet as I think there is more to come. Profits knocking on £7,000 now.
Another good riser today is Nestor Heathcare up 10% so far today - and already a 50% profit on these.
Often it's the really boring shares that pay off. They don't move much and when they do they crawl but often they turn out real good winners. I'm talking Booker here! Staying patient with it has already resulted in a 20% plus gain and it looks good tofay.
Aminex rises again and looks very nice but still needs to hit the double figures to progress further,
Intec Tel Sys continues to target 100, any move above it good see some more decent gains. It is so close today!! Nearly there!
Recent top ups are doing well especially Hardy Oil which has decisively broken through 400 and even whizzed up to 450 and has joined my long list of doublers and treblers. Spirent also moves nicely if more slowly - both these look very strong.
The Yell short goes well though maybe I should have grabbed profits when it hit close to the target of 50! Still a decent profit there now. However I'll be taking profits on these fast if there is any new upward momentum.
Chime Communications is rising again today last week it announced a decent little acquisition using some of its cash pile and looks determined to grow. Still waiting for the 200 to be beaten!
Dragon Oil - well over trebled on this one - fantastic profits of over £5,000. Can't seem to decide what the bid price might be. It's not sure about heading over 400.
Another star is Petrofac which has bust through 1000 as I suspected it would giving me a massive profit of over £12,000 - what a star share this has been. Seems to not really want to go over 1000 for now.
London Capital seems solid now over 200. Fenner has leapt higher and looks very convincing indeed.
Recent buy Huntsworth looks very nice indeed, - directors have been buying an awful lot of stock with some really massive buys showing a lot of confidence and together with that share buyback going on no reason why 100 should not be reached. Might take some time though.
BTG Group and that's paying off with a huge profit now - if it can get up and over 200p then the bullish run could continue. In profit over £3,000 there
The banks continue to surge for me and nearly £15,000 profits on Barclays and RBS.
XP Power is now over 300p so a lovely little profit there.
Heritage Oil remains a lovely trebler - over £10,000 profits. Microgen continues to be a delight with near £3,000 profit.
Optos produced an encouraging statement today so I'll hold for now with profits of more than £5,000 building there.
So all in all I remain delighted with progress and the money pile continues to build.
However I am now more cautious than I was a few weeks ago and continue to build a list of potential shorts for when the market begins to dip.