Sorry for no post yesterday. I was on a conference call at work at 16:30 and by the time I was finished on there I’d just had enough for the day.
Yesterday was a good day for my stocks. Debenhams gained around 5pts and Luminar gained around 3pts or a whopping 27% if you prefer percentages. It looks like Luminar is up another couple of points again today, hopefully it’s the sign of things to come. It’s funny I was thinking about closing my Luminar position a few days ago as I’ve had it open for ages. It was originally a momentum divergence buy back in June. The stock has basically done nothing for ages and I just thought what the hell I’ll keep it open. I mean it has to move sometime right! It’s not costing me anything to keep it open, because the stock is priced so low and I am only £1 per point long there aren’t even any financing charges associated with it.
I took the decision the other day to re-adjust my strategy on this trade. Rather than it being a momentum divergence buy that I should’ve closed ages ago I decided to use the super trend indicator to readjust my stop level. Therefore I moved my stop from 7.5 to 10 and I have just moved it to 11 based on the indicator. Hopefully the stock continues to rise. There seems to be a bit of a resistance level around its current price of 18. I think if it gets through this price the stock will rise further still. I opened the position at 15 and it’s currently in profit, but that’s irrelevant anyway. I will keep adjusting my stop level according to the super trend indicator and when it stops out it stops out.
Thanks to all those who have registered for the forum. I know there have been a few teething problems but it’s all fairly new so it may take a while before everything is running as smoothly as I like.
Thanks to Tony for linking to the new site in one of his posts yesterday. It was interesting that Tony only just noticed the comment accusing him of being the spread betting beginner. Hopefully that has all been cleared up now.
I’m keeping half an eye on persimmon. The price is slowly dropping to my buy in price of 341. I think it will get there, just hopefully when it does it starts to go up again.
I’ve had a look for some other orders but nothing has really leaped out at me. I was contemplating buying TUI. After it was revealed that they were going to have to write off £117m in money that was owed to them because of migrating IT systems the price dropped considerably. I then read that this means they will be cutting the dividend by a couple of p. I thought I’m sure the price drop was not really justified and the price will probably rebound a bit tomorrow. This was when the price was around 205. It’s currently 212. Not a massive rise but still could’ve been worth it. The thing is I don’t really have enough confidence to trade the news. I don’t really understand why some news is considered good and some is considered bad. Obviously in this case losing £117m is a bit of a boo boo and is considered bad so the price drops but the CFO is leaving which could be considered good and could cause the price to rise. I think I’ll stick to reading the news but not trading it, for now at least.
That’s about all from me. This will be my last post on blogger. I will update blogger tomorrow with another post but this will basically be a forwarding message to the new site. I’ll leave blogger lying dormant so if people want to look through the old posts or comments on there they can.
Oh and one last thing before I go. I’ve started a new Topic over on the forum where people can leave there comments and feature requests for the new site.
That’s all. See you on Spread Betting Beginner.com from now on.
Until next time
“May the markets be with you”
Spread Betting Beginner