LM portfolio as at 21/04/2023:
| Code | Sector | Date Bought | Cost | Value | Gain/Loss |
|---|---|---|---|---|---|
| LM055 | General Financial | 11/01/2023 | £1280 | £1480 | 16.26% |
| LM056 | Media | 11/01/2023 | £1270 | £1380 | 8.23% |
| LM057 | Gas, Water & Multiutilities | 12/01/2023 | £1270 | £1440 | 13.69% |
| LM058 | Support Services | 17/01/2023 | £1270 | £1370 | 7.94% |
| LM059 | Industrial Transportation | 30/01/2023 | £1260 | £1160 | (8.07%) |
| LM060 | General Retailers | 06/02/2023 | £1270 | £1130 | (11.01%) |
| LM061 | Aerospace & Defense | 20/02/2023 | £1270 | £1430 | 12.75% |
| LM062 | Food Producers | 06/03/2023 | £1290 | £1270 | (1.30%) |
The more observant of you may have noticed that LM058 had a nice little pop over the past week. We went from being in a small losing position (minus 2.8%) to a reasonably positive position (7.94%).
Brilliant!
So what happened? Well it appears that the underlying company had good results and the profit "beat guidance". I had no idea this was going to happen and it came as a nice surprise.
The share had already recently made a new 52 week high - that being the reason why I bought it in the first place. Making a new 52 week high is a reasonable indication that the company is doing OK - or at least that the market thinks it is doing OK.
My thinking is that for a share to make a new all-time high then first it has to make a new 52 week high. So any share that climbs to its highest point in a year could potentially continue to make even higher highs.
Call it momentum trading or trend trading but if an asset is gaining in price then if there is no material change or no important news released one would imagine it will keep moving up - or at least not suddenly drop.
I'm going to enter at least one new position today as the FTSE 250 is back above its 200 day SMA. All of the existing positions will likely stay in the portfolio for now.
Still no news on the contract/work front. I did manage to sell something this week which will pay for a home emergency we've suffered recently and also keep the bills paid for a few months.
My experience tells me that you get slow periods for IT contracts. Hopefully it will change soon and I can get back to work. In the meantime I'm about to release a new website to offer my skills to local businesses. Wish me luck.