Friday 28 February 2014

Onward and upward

The US market, as measured by the S&P500, is now comfortably into all time high territory. In the past year it has risen 23%. There is no way to say how high it will go. We just have to wait and see.



The Dow has yet to break through the high achieved at the start of 2014. Today it is breaking through the 78% retracement level of the last fall. Potentially this could represent resistance. If it succeeds in making good today's break through it could continue to its all time high at 16600. There was a volume spike four days ago, and as loyal readers know, I regard volume spikes as significant indicators of direction change. But it is interesting that Monday's volume spike was not reflected in the S&P. Trading was higher than average but not by very much.



Action on the FTSE is not so strong and that quadruple top I mentioned a few days ago seems to be holding.



My portfolio continues to make progress in eating into my losses. For once my UK shares are moving ahead more strongly than my US ones. The batch I bought, mostly on February 11th, are up 7.5% after costs. Not bad in two and a half weeks.  They are SAFE (up 19%), III, PTEC (up 14%), CAML (the only laggard), AMER and RNWH (up10%). I keep saying to myself 'you see, you can do it when you try.'

The US portfolio is struggling in the face of a powerful fall in the $ vs the £.


Despite this it has made 4.3% after costs since 12th February. Again not bad for two and a half weeks. The mining shares are disappointing. They have only made 0.6%, in response to a weakening in the gold price I guess. The portfolio is GPL BRD URG PLM MDW RBY PZG MUX AUMN. I knew when I bought them that I could be in for a bumpy ride.



China shares have sparkled with an 8.3% gain after currency woes. They are BIDU VIPS NQ YY STV RCON. That gain was despite taking a loss of 19% on SMI.

The miscellaneous batch glowed after I sold SYMX for a 70% profit after just two days. I also sold TPI for a 15% loss. Nevertheless that group made me 4.7%. The shares I still hold are GIGM MU NFLX PTN GILD ESRX GMCR CVM

Onwards and upwards, I hope.


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