Friday, December 15, 2006

Two More Australian Positions

Just bought 1000 shares of NWS.AX and WDC.AX. The former - the News Corporation - is one of my favorite trading vehicles and it was down at the open today. The latter - Westfield - was on my shopping list yesterday and today was recommended by Clime Capital's CEO Roger Montgomery in his monthly letter to shareholders. Westfield is a huge owner and developer of shopping malls in Australia and the United States. It was founded and still run by the Lowy family. Frank Lowy is one of Australia's billionaires. Both these firms are family companies in a way though publicly traded. Still, I'm not planning an investment here really just a short term trade. Beta of the portfolio is now 1.31 and borrowing 41% of net worth.

The triangle set-up I talked about yesterday worked out and the rally on the NASDAQ does not seem complete yet. The model is signalling that the rally should last through the end of Tuesday at this point. I might be selling a lot of stuff Monday night (Tuesday in Australia) through Tuesday :)

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