The Australian share market extended a recent decline to a 10-day low Friday after an indecisive night on Wall Street, combined with European equity market weakness related to sovereign debt worries, offshore falls in BHP Billiton and Rio Tinto, and more weakness in base metals.
Japan’s nuclear crisis, disappointing revenue from Alcoa, and Goldman Sachs’ recommendation to take profit on a basket of commodities including oil and copper pushed the Australian share market down 1.8% over the week. It was the first weekly fall in the past four weeks.
Traders were eyeing the 100-day moving average at 4780.0 as a potential short-term floor.
The only activity on my trading account since the 31st has been to sell out of MND as it broke its stop loss and I must admit I was probably a day late in exiting and paid the price of not paying closer attention. As Homer would say, Doh!
I should have exited on the open of the 14th at $20.25 after the stock closed on its second consecutive day beneath my stop – but what ACTUALLY happened was at Friday lunchtime I sold out at $19.60. Had a total of 500 shares purchased at $20.89. So that bit of inattention cost me about $300 bucks.
In some consolation, today it’s trading even lower at $19.46 having opened at $19.27.
Me: +1.17%
ASX: +.33%
Portfolio total $50,737.38
National performance (at close 15/04)
National leader $57,794.67
National average $49,487.69
Your ranking (at close 15/04)
National ranking 2515 of 10206
State ranking 508 of 2118
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