Our inability to trend can once again be linked to the vulnerability of the Dow. However, although the market closed the day with a 57 point decline, the PHISIX is still moving sideways in the short-term. For our market to remain bullish, the index can no longer fall below 3,330 at the most. Since we are moving sideways, a bounce off our current support found at the 3,300 to 3,315 levels should be expected. Inability to do so would make our market susceptible for a breakdown.
One of the downsides of buying a rational stock like MEG is that it follows the Dow. I sold the MEG I bought back at 1.40 at 1.36 today. Talk about instant losses! I still have some at a lower cost but I think I should have sold it all as it is now threatening my cost, which is 1.30 and 1.32. I'm still looking to buy back. Range breakdown suggests a downside target of 1.24 but there is also support at 1.28.
Speaking of property stocks, VLL was rather strong today. don't know whether I should be annoyed or amused because the strongest stocks in my portfolio are those I have so little shares of. VLL is one. ICT is the second. I now regret bit having the courage to buy VLL right at its support at 1.84. I don't know why I'm so uncomfortable buying at support. Anyway, there's some solid foreign buying in VLL.
I decided to do an experiment this morning. I just mentioned I was uncomfortable buying at support, right? Today, I bought CMT at 0.99. I decided to take my own advice and range trade CMT. Resistance may be found at 1.06. Waaah! Good luck to me! :P
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