Base and precious metals were sold off heavily again on Friday night; silver down 17%, gold, platinum & copper all more than 5% lower. Metal, energy and US index futures are down in the night session at the time of writing so these factors were a drag on our market today. The Small Ordinaries closed 4.3% lower and the Metals/Mining, Energy, Materials and Gold sectors were all punished by 3.9% or more. Larger cap stocks fared better, the XJO closing 1% lower on above average volume. An exit for RRL was prompted, one of only two positions remaining within the Growth Portfolio so as of tomorrow morning the portfolio will be 95% in cash. From a discretionary trading standpoint, I’m not overly keen to chase short positions here as the market is both oversold and close to the August low so sits in a significant support zone. Rather, I’m content to manage the positions that are open and patiently wait for setups to materialise.

Similar stock trading tips:

1. Monday 5th September, 2011
2. Monday 12th September, 2011
3. Monday 19th September, 2011
4. Thursday 26th May, 2011
5. Friday 26th August, 2011