Ooop! I meant Bullish Hammer.
The bullish hammer candlestick bar (see below daily chart) is an encouraging sign for a possible cessation of the current downdraft. Moving cash into equities to take advantage of the current corrections of DDD and SSYS to rebuild my positions for the 3D printer hunt. I also bought some SZYM to rebuild position for this one as well. Still holding 60% cash.
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I HOPE SO DUDE!
Perhaps a better word to use than “hope” is “bet”. I bet it will be bullish therefore I’ve my stops in place in case I’m wrong.
Look like we may get a long-tail Doji bar instead of a hammer. Either way, the speculation for long is still intact unless the market crash in the next 10 minutes which is very possible.
hope aint a bad thing, only blind hope is
So much for my “bet”.
Without giving much thought, I dumped my DDD, SSYS, SZYM at the open and took my loss.
Ouch! But you have to take the pain when the other side is the gain.
The only thought that I have when dumping my position is that I can buy them back later when price may be much lower. Perhaps I might have sold at the bottom but I learned not to think like that anymore.
Now, I can sit back and watch calmly to see which way the wind blow…
Btw, the dumping happened because all my stops were triggered; albeit it “exceeded” my original stop prices… but that is the way this market rolls.
Don’t forget, the gap cuts both way; if the economic news was positive, the gap up would put a smile on my face… but not today.