Back above 6k
11.38 am The index is back above 6000 - just - after a rally from a mildly lower open. It's all pretty quiet stuff with DOW one of the more interesting large caps having announced that the situation with new acquisition Spotless is better than they anticipated. I'm long a few at 700 and hoping for another leg higher this afternoon.
MLX continues to disappoint, down a couple of cents to 101 as the turnaround I'm looking for hasn't eventuated.
EUC is down 1.5 to 23 in the small caps. It announced exploration results, rallied a touch and then got slammed to 20.5. Sell on fact perhaps. Anyway, I'm happy to hold for now. Otherwise, I sold out of DRG as it might have peaked short term, exited at 29.5 and 27.5.
I've bought cryptocurrency stock DCC at 20.5. It's in consolidation mode and I'm hoping that a pennant correction might be over.
1 pm The move back above 6000 was short lived and the index is back to square. In the short term I'm wondering whether the neat little 5 wave shape of things over the last 8 days trading is indicating that this is corrective. In that case the first leg down from the early November high would be an A wave and this could be a nearly completed B wave, implying another leg down to, perhaps, 5850-5900. Either way, it could be a good time to get out of most longs, especially the ones that aren't performing. A pretty clear amber light. We could still close above 6000 today but it wouldn't necessarily negate this conclusion.
DCC has been as high as 24 and I sold a quarter of the position at 23.5.
2.12 pm It's funny, it's a very quiet day but I'm getting cold feet about my long positions. For example S32 has failed and reversed after a little 3 wave retracement. I expect it'll make a higher low but that could be in the low 320s and I really don't need to be in this any more. I'm hoping for a couple of ticks higher to exit.
3.41 pm Out of S32 at 332 as it isn't even having a dead cat rally. Platinum is also suffering from failure to launch so I'll exit that too, probably at about breakeven there.
I've bought HVN at 392.5 as it's building a base and rolling up. Could be a buy on fact after the Amazon launch.
6.35 pm Sold PTM on the match as things meandered to the close. I suspect any early strength should be sold as odds are the market is ready to roll over.
EUC is down 1.5 to 23 in the small caps. It announced exploration results, rallied a touch and then got slammed to 20.5. Sell on fact perhaps. Anyway, I'm happy to hold for now. Otherwise, I sold out of DRG as it might have peaked short term, exited at 29.5 and 27.5.
I've bought cryptocurrency stock DCC at 20.5. It's in consolidation mode and I'm hoping that a pennant correction might be over.
1 pm The move back above 6000 was short lived and the index is back to square. In the short term I'm wondering whether the neat little 5 wave shape of things over the last 8 days trading is indicating that this is corrective. In that case the first leg down from the early November high would be an A wave and this could be a nearly completed B wave, implying another leg down to, perhaps, 5850-5900. Either way, it could be a good time to get out of most longs, especially the ones that aren't performing. A pretty clear amber light. We could still close above 6000 today but it wouldn't necessarily negate this conclusion.
2.12 pm It's funny, it's a very quiet day but I'm getting cold feet about my long positions. For example S32 has failed and reversed after a little 3 wave retracement. I expect it'll make a higher low but that could be in the low 320s and I really don't need to be in this any more. I'm hoping for a couple of ticks higher to exit.
3.41 pm Out of S32 at 332 as it isn't even having a dead cat rally. Platinum is also suffering from failure to launch so I'll exit that too, probably at about breakeven there.
I've bought HVN at 392.5 as it's building a base and rolling up. Could be a buy on fact after the Amazon launch.
6.35 pm Sold PTM on the match as things meandered to the close. I suspect any early strength should be sold as odds are the market is ready to roll over.
Comments
Post a Comment