Almost all my trading position sell stops hit across the board this am as the rally died...just about everything. Most for small gains (CIEN, for example) or small losses (SCMR, JDSU, etc).
First time I've had this high a percentage of cash (except cores) since end of August. Maybe that means I've "capitulated?"
Looking/waiting for re-entries on techs/optics once the washout is more visible or at specific price points where there may be enough support to warrant taking the risk (JNIC at or near 68-70, for example).
Most of my charts are still in freefall with few exceptions...PSFT, MMPT, AFCI, AMZN,RRRR, CPN, INKT, MSFT, WMB looks like a buy...still like FNSR in support area of 23-27, LPTH hit 14-15 back in April but I doubt it will go below 20 on this selloff (I'll continue to scale small buys on declines). Some of these destroyed techs can be bought now if one's outlook is a little longer-term than the next few days, imo.
Today may be another day worth "fishing" for quicker gains but only with protective stops again. I'll be doing some with limit buys as I will be at my "other" gig most of today; good luck and good trading to all!
Our prayers are with Rande and his family--MK-- |
