This rally continues to go vertical for me.
Pace continues to rise so it’s a good job I top sliced and didn’t sell the lot. We must be nearing the end of this rally, as I’m starting to feel the old bullishness coming back to me – a sure sign we are near a top. Likewise my stupid punting account is replenished even after a little loss on a Standard Chartered short.
It would be lovely to imagine we could rally till the US election but that is too much to ask. My portfolio profit chart suggests we are nearing a top.
I shouldn’t be superstitious about my investing like this but it’s unavoidable; we are all a little prone to magical thinking. The trick is not to act on those impulses.
I picked up a clip of Findel, bought some Avocet and added Goldplat, to add to a little French connection I bought a few days back. Findel broke out of its zombie range and has been flying up, which was a good catch. Goldplat was likewise looking good, with a change of management a spark for me to get in. I’ve also topped up my Barclays position.
Cable and Wireless closed so I’m in receipt of the takeover results which could be considered a smart or reckless trade, depending on your point of view on loading up on a takeover discount.
I feel a bit lucky to be honest, the drama of the disgruntled hedge fund played out well, but I had no real clue how the cards would fall.
It’s exactly a year since I re-entered the market and I am roughly 22% up.
Shockingly the bulk of this has come in the last 8 weeks. Not a pretty sight but instead a reflection of the harsh market conditions. Normally I’d expect returns to be relatively even across the year so it is no wonder I find the current investment climate so uncomfortable.
However it pays to be bullish, patient and focused.
Long live the rally.