Archive for June 25th, 2009|Daily archive page

comment – funny action on OKN

Posted June 25, 2009
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definitely saw some funny action on OKN transactions today as alluded to in my earlier post.   Look at the course of sales figures for the stock on the ASX today … here is an excerpt below

Time Price Volume
11:41:04 AM 1.77 289
11:41:04 AM 1.775 1
11:41:04 AM 1.785 1
11:38:39 AM 1.79 1
11:35:39 AM 1.79 1
11:32:09 AM 1.79 1
11:29:54 AM 1.79 1
11:26:39 AM 1.79 1
11:23:09 AM 1.79 1
11:19:08 AM 1.79 1
11:16:08 AM 1.79 1
11:13:23 AM 1.79 1
11:10:24 AM 1.79 1
11:05:54 AM 1.79 1
11:02:08 AM 1.79 1
10:57:23 AM 1.79 1
10:57:14 AM 1.77 30
10:57:14 AM 1.77 1560
10:52:23 AM 1.77 1
10:50:03 AM 1.76 35
10:50:03 AM 1.76 12
10:50:03 AM 1.76 959
10:49:08 AM 1.76 1

This is of interest to me because my broker tells me that I cannot make purchases of shares in less than $500 lots.  Now I know small lots go through, but if I look at the days trades, there are an awful lot of ‘single share’ transactions going through – always at the ask, and seemingly pushing the price higher.  This stocks fairly lightly traded today so this does change the appearance of a tick graph.  If anyone was watching the days transactions, without noting volume, they may have thought there was a lot more activity than there really is.

Then again – maybe this is entirely normal – I just haven’t seen it before.  I’m the first to admit that looking at intraday data is something I generally don’t do.  Any comments anyone?

disclaimer – I bought this stock today, and its fair to say that the existance or not of these transactions would not have changed my view of the market, as the decision was based on yesterdays close.  That doesn’t change the fact I find it interesting.

today – tap – okn

Posted June 25, 2009
Filed under: discretionary | Tags: ,
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tap entry

tap entry

TAP: Opened a position today.  I am looking to catch a bounce from the rising trend line, which is forming the lower side of a rising wedge (orange lines).  Further to this I am looking for earlier resistance to become support from about a month ago.  The recent rise looked like it was breaking upper resistance, so I expect this to simply be a replacement.  Due to the closeness to the support the current market weakness may help the trade to fall out the bottom.

okn entry

okn entry

OKN: Opened a position in OKN also, entered as the share broke through the resistance line drawn from the peak about 6 weeks ago.  Oakton has strong resistance around $2 to $2.20 so will watch how this proceeds from that area.

I did something today I don’t normally do – I looked at the actual transactions on OKN – and they look … unusual – but I’ll put that into another entry.

So – for developing traders, the Traderfeed blog asks an important question in his entry today – “How well are you mentoring yourself”.  Now thats something for me to ponder.  As I think I said the other day, I’m happy to buy almost anything – I just have to really manage those exits.  That said, I do try to pick entries, but it doesn’t stop my activity as it used to.