Sometimes trading can be very hard and frustrating – especially when the markets are all over the place.
The Australian share market on Thursday experienced its biggest daily decline since the peak of Japan’s nuclear crisis in mid-March, as disappointing employment data exacerbated a sell-off caused by global risk aversion stemming from European sovereign debt concerns.
The benchmark S&P/ASX 200 closed down 84.1 points, or 1.8%, at a fresh seven-week low of 4696.1. Trading volume was stronger than usual, at A$5.8 billion.
On the charts, the index broke its 200-day moving average support line at 4712. It also triggered a bearish pennant pattern, giving a target of 4525, according to Dow Jones Newswires technical analysis.
From the game newsletter there are only 16% of players who have their portfolio in profit and the average player portfolio value is $48,143 – so at least that is reassuring to know that it’s not just me struggling with this market. I was surprised to see I wasn’t doing too badly compared to the national average – but I think at this stage of the game, if people aren’t in profit they pretty quickly lose interest in their trading.
The organisers reviewed the top 15 player portfolios, there is an even mix of strategies amongst the leaders who have been holding; only holding cash or continuing to trade. So no real gems of advice there.
My last trade was on 9th May, when I bought into ACR which was holding a nice up-trend even in this dodgy market.
So I currently hold, ACR, QRN, ILU and $15k in cash.
ASX200 – down -2.89% – my portfolio squeaks into the positive by .01%.
Portfolio total $50,009.52
National performance (at close 12/05)
National leader $57,604.85
National average $47,916.85
Your ranking (at close 12/05)
National ranking 1587 of 10320
State ranking 307 of 2136
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