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Keith Law SA Fin
Private Share Trader and Website enthusiast
274 Nicholson St Orbost Vic 3888 Telephone 03 5154 1232
Share Trading
All Ords last three months
Support at 4500 has held
February was not a great month. Three of my companies SUN, TLS and QBE were hammered after producing their half year report. I have sold my SPN shares at 96 cents each for a gain of 17 cents per share. I have been building my position in UXC on weakness. This is a volatile stock that creates trading opportunities. I'm still worried about the 4500 support level. If the index falls below and closes below 4500 then I will consider liquidating most of my positions.
The first week of March show an improvement in the general market and is now mid way between support at 4500 and resistance at 5000. These are the key levels to monitor. Individual stocks still show weakness. TLS has hit a new low while QBE has had a post reporting fall to around $20.00. UXC is weak and volatile but is great value below 50 cents.
I have outstanding buys on AIO @ $1.77 and SPN at $0.77.
2009 in Review
The benchmark S&P/ASX200 index hit a global crisis low of 3,121 points during intra-day trading in March 2009, but has since trended upward and closed at 4870.6 on December 31. On a calendar year basis my total financial performance for 2009 has been 25.74% . The value of my investments has returned to the same level it was 3 years ago. In the same time I have been using the income from these investments as my main source for living and business expenses. At the low point in March I was not confident that my Finances would recover in such a short time but the capital raising by the banks as well as Asciano has been my main source of recovery gains.
What will 2010 hold? CommSec chief economist Craig James said "So we're looking for the S&P/ASX200 index to reach 5,300 points by mid-year and 5,600 by the end of the year." AMP Capital Investors chief economist Shane Oliver also expects the stock market to reach 5,600 points by the end of 2010. General manager of investments at Zurich Financial Services Australia Ltd, Matt Drennan, said " I think in the next 12 months, we can get to about 5,500 points on the All Ords which is a reasonable gain from here." I hope they are right
I have a margin loan with Commsec ( Commonwealth Bank ). I manage this on a close daily basis.
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