ERII Jumps 17%, But Back To Square One

Well, we had our fun on ERII as it blasted off almost 20% in a few weeks despite a crumbling market.  This is a good lesson on how to spot an oversold stock that picks us momentum near the bottom, then gets dumped at a key resistance point.  Study it for more great oversold plays.  ERII hit my 10% target and therefore was triggered to sell just above 4.  I’m thinking a re-entry here is a nice speculative play if you’re banking on the market giving us a big relief rally.  Usually after a chain of down days the market responds with a big bear market rally that usually lifts all stocks by a magnitude of 2x.

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As another tip, keep an eye on Chinese stocks.  It’s odd that some countries don’t have jobs want to work, but the countries that do have jobs want to go on strike.  There’s probaby more to it, but China is not getting friendly with their job industry like before.  This will probably have deeper effects on the American market and other overseas markets.  I’ll keep yall posted!