Late December and early January seemed to be days of endless gains on the portfolio. Bowleven (BLVN) and Xcite Energy (XEL) both showed strong moves up on positive news. Now things have come to a grinding halt and I'm seeing day after day of steady (and not so steady) declines. Every stock in the portfolio was negative again today (Sirius, Bowleven, Xcite, Sirius, Rockhopper) bar one (Imagination tech). Bowleven was looking particularly sick this morning with a 5% fall soon after the market open, but reason prevailed and it recovered to close down 3p, at 348p. Yesterday the fall in the oil stocks was precipitated by the falling oil price and there is certainly a sector rotation out of oil at the moment with prospects of rising inventories and OPEC threatening to increase production. Today, market sentiment just seemed to be against AIM and the small cap sector.
It's a case of just sitting it out when you have weeks like this. The stocks are solid, the research has been done, the news flow has been checked now buyers need to come back. Earnings out of the U.S. continue to be strong which should support the markets.
Still patiently waiting for the anticipated news flow from most of the stocks in the portfolio.
Wednesday, January 26, 2011
DOW JONES moves over 12,000 for the first time since mid 2008
The Dow Jones Industrial Average has finally breached the 12,000 mark for the first time since June 25, 2008 driven by strong new home sales were the highest since April 2010 when tax credits artificially boosted sales. The FTSE 100 is also in good form up 75 to 5,992.
Bowleven knocked again
Bowleven (BLVN) down another 5% at the open and a hair's breath from the placing price of £3.27 achieved on 26th November. Seems to be finding its feet a little now but the sudden drop in the last week has been amazing.
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