Abandon Ship

Hello, Breakdown! I'm not glad to see you again.

I was just saying last Thursday that the market can only go down to as low as 3,300. Yesterday, it broke below support instead of holding above it. The PHISIX closed the week at 3,290. Naturally, I liquidated around half (or maybe more) of my positions. I was already asking myself then if I was being too hasty. I just reminded myself of all the other times that I decided to hold thinking the market would bounce the next day. I ended up selling right smack at support. So, this time, I sold on the first day of breakdown. Actually, had I not allowed myself to hope, I should have sold last Thursday as it broke its support line. But I was thinking that the Dow was due for at least, a technical bounce having been down for two weeks already. I'm still convinced that the Dow will bounce soon, maybe next week, since it's starting to move sideways. Well, it's either that or another acceleration of the downtrend. I'm more inclined to think it's going to bounce because nothing goes straight down and a lot of people are so bearish already.

Right now, I'm worried for our market. The last time it broke down, it went close to 3,100. Short-term, there is support at 3,220 to 3,250. Next support may be found at 3,150. We have a huge downside.

Is it time to take a vacation? I'm seriously tired of this market. I'm close to throwing in the towel. I honestly didn't do well this year. Sideways market really is such a killer market. I'm paying the tuition fee that I didn't pay last year. And to think we're not even trending down. Gosh, I need to clean up my act and do some serious reflection! :P