Market direction

There is no direction...

One moment, it looks like if you didn't buy recently, you are going to regret it.  And then next moment, if you didn't buy recently, then you made the right call.

One thing appears predictable.  When news are miserable, then the POG goes up.  With the gradual tapering of QE2, it appeared as though the POG is going to fall so low that it could be used as a substitute for iron ore!

So when the market returns on Tuesday, you have no way of predicting what will happen.  Wall Street opens of Monday but ASX will be closed so we can follow the Yanks, as usual.  But if POG does not fall, then I can expect some alpha, as long as my portfolios do not fall more than the ASX All Ords.

When the market is so unfathomable, I just sit mostly on the sideline.  Currently, I like NST for its good management.  And NEA has gone crazy in the last 6 months.  TON will continue to rise as more good drilling results are expected.  Market however is aware that development cost will be beyond a small company like TON.