Today’s session had a smack of indecision which led to me selling First Solar into the closing bell. It goes like this: you’re sitting in a well-sized, well entered position in an industry—in this case solar. You’re also sitting in an oversized, well entered position in the same industry. The oversized position, in my case ENPH, gets beaten over the head for the third straight session and now you face a decision. Do you cut the loser, even though it’s technically still on track with your plan? Or do you cut the small winner, thus reducing your overall exposure to a bipolar industry?
I chose the latter, and I’d do it again if I had the chance.
It does take a certain bit of blissful ignorance to let your balls swing low in this market. We printed another doji candle in the $SPX, and I plum don’t like where this one is placed. So I cut FSLR.
FSLR in all honestly, because I’m an honest mother lover, presents a better chart setup than ENPH. But I see less downside risk in ENPH, as we near my max pain level. About $6.50, on a closing basis, is max pain. I won’t become an investor in ENPH, if you know what I mean, but certain setups take time to reward you, and the reward is sweet money.
That and I bought EXK and played grab ass in the futures. That’s my day. Good night.If you enjoy the content at iBankCoin, please follow us on Twitter
the doji days of summer…
You said it stockcats, it’s either doji or, “mega range 9000” lol