Added positions - SGB & BSL
by, 11th-September-2007 at 03:59 PM (2241 Views)
Yesterday I decided to long-term accumulate SGB, St. George Bank. I think I have it around the bottom of this correction (unless it turns into a crash lol) - I like it because its the most liquid of the banking stocks, capable of moving up to $2 a day unlike Westpac/ANZ, barely any exposure to sub-prime and a very profitable, low-risk business.
Moved in after it bounced off support at $32.60, bought it at around $33.30, if it keeps dropping I'll just keep buying!
Also bought BSL (Bluescope Steel) as its teetering at support, moved in at $10.17, stop at $9.98.
I think the markets are poised for a rebound today seeing as how Japan's machinery orders surged, which may provide some relief to the rest of the globe, and there's no important data out in the US today.
Its September 11 though, don't know if that'll have any pyscological implications.
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