With an impressive run-up from the bottom once again, I’ve to say the bull is putting up a good fight against the bear. Every push down was being responded with a push up. However, despite the push up by end of day, each day still ended down. BUT it was only a small step down; so the bull earned an applause from me.
To show my sincere appreciation of the bull effort, I ventured into some bargain hunting of the 3rd kind! I bought back the 3rd generation stocks (technology for our future) I sold in the past. Now, I’m the happy owner of the following (in order of position size):
SSYS SZYM DDD WPRT and The Fly’s favorite silver mining stock EXK.
All my shorts were sold this morning due to the impressive run-up of price actions and I was lucky to gain a small profit from this campaign. It was fun until the choo-choo train kept on detouring to many hillsides.
Below is the 15 minutes SPY chart. You can see which way the train was going all day…
Below is the daily chart. Notice that today is 6th day of this down move. Could an up day be due tomorrow? Who know. However, the fact that today close is below the 79sma and 89xma doesn’t sit well with me…
Below is the weekly chart. This chart along tell me the bear is still in charge and caution must be doubled if you are still long. HOWEVER, notice that the low for this week bar touched the trendline from June 8th to June 29th and then bounced right back up. If tomorrow price action failed to pierce this trendline, I think I’m safe with the stocks I bought today.
Current position:
10% long-term equity
19% (see stocks I listed above)
71% cash
Good Hunting!
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