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Where on earth is the market going?

Published: 06:02 26 Feb 2010 EST

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The volatility continues and probably continues to irritate a lot of traders by taking out their stops before merrily going up again.
 
Unless you're a good day trader these conditions can be tricky. Still, some good strong rises seen recently. Can the market break out here and go up strongly? I still have doubts and feel at best markets are about fair. Then again I'm not sure massive downside is there either. Perhaps we'll just go sideways.
 
Anyway for better or worse as they say here's a taste of what I've been up to.
 
I've nipped a few Hardy Oil (HDY) getting 1,000 at 215.9. I made a great deal on these early last year but topped up at the wrong time and got surprised by a dry well losing some profit and over a grand on the top up. I don't often return to things I got wrong for fear of revenge feelings etc but I did notice volume picking up ahead of next Thursday's results so on that basis I've been tempted. It's actually still moving up smartly on good volume so hoping there is something better on the way and that it's been oversold. Target 300 stop 200. Well, look, if there is no oil at all at least my max loss possible is £2,159!
 
I bought some more Axis Shield (ASD) at a lower price than I bought them earlier this week. I only noticed I had some more this morning - I had put a buy order for another 1,000 on the order book at the sell price but never thought I would get them. I didn't get them all but I find I have the weird total  of 801 shares at 368.25. Well thanks whoever sold me those.
 
I'm trying a short in Imagination (IMG) again.. took a small loss on the last one but though it's a nice company I still think it's a tad overated so I've tried again this time for £15 at 248. Stop 265 target 200.
 
And I'm shorting Hunting (HTG) after results. Made a lot of money in the past on this one and I like this one too but for just now it looks again just a tad too high and so I've gone in at £10 at 604. Target 550 stop 615. 600 looks like a barrier for a bit. Both these shorts I'd consider relatively short-term given both companies are  long-term strong with plenty of cash.
 
I've taken a loss on BATM. The trade never really looked like it was going to work and I did have doubts when placing it. 309-3 Still, it's ok because better to take a small loss quickly which is what I try and do so anyway it's gone at 40  for a loss of £216. One to come back to another time.
 
I've had a good run with Beazley but it just seems to be running out of fizz now so exited at 115 for a profit of £360. Xaar has done bog all and I just got bored! So I'm out at 82.6 for a loss of £218.

Very pleased with the progress of some of my holdings.
 
PZ Cuzzons gets the star award, up 30 pts now from my buy price and still heading higher. Even nicer as it was supposed to be a slow steady winner! And a dividend coming too!
 
Carclo appears to be attracting good buyers - it should also get a promotion to the small cap index next month which ought to give it a further boost.
 
Kentz has announced yet another contract win and I hope this will get another lift from results due shortly.
 
SDL has flown up with profits of nearly £1,500 in double quick time - however results are due so here's hoping there is nothing bad in there. Aminex is being buffeted about crazily by the market makers - looks like they are enjoying pushing people in and out of it ahead of news. I'll just stay put and see what happens.
 
Microgen reported a great set of figures which showed at worst it should be trading about here and best, should be higher. One to hold onto. Micro Focus goes well. RM has gone above 170 which looks bullish.
   
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.
    
My lovely trebler Petrofac is booming and has soared well back over 1000. Little Asterand doing ok so far. The long-termers all look pretty settled for now.
 
Some very decent dividends have come in this year including a massive one from Telecom Plus and Microgen and also from Treat, Dimension Data, PZ Cuzzons and others building into quite a tidy sum.
 
Where on earth is the market going? Could be an interesting week next week if it breaks out to the upside or downside, either way a watching brief is going to be necessary.

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