The PHISIX closed another day higher (+34 points). If you didn't watch the market today, you would probably think that the market is so strong and unstoppable. Sure, that is true, but unfortunately, not today. We were up as much as 72 points during the first thirty minutes of trading. When the market started to correct, I thought there should be a bounce somewhere, so I held my ground. I didn't expect that the market will drift lower from there.
See, yesterday, the PHISIX broke above its flag formation so I expected we'd have enough momentum to last us a few more days. Today, however, prices seemed exhausted. With the Dow up 145 points, several stocks gapped up. Gains weren't sustained and gaps were filled. To be on the safe side, I sold most of the issues I bought yesterday. My entry prices were kinda high so I found it prudent to sell.
Let me get ahead of the market a little bit. Is the correction here, or at least, coming? I have been waiting for that correction and it never came, only today, when I became so bullish yesterday, seeing the flag breakout. If the index falls below 4,020, then the index will have formed a bull trap.
Several issues like CHIB, LPZ, MWC, BDO, and MER seemed unaffected with the intraday correction, while the darling of the day was ACR.
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