<unresolved primary downtrend - like biotech.
Actually, I like that chart of biotech see BTK:
joe-duarte.com
Just the kind of rolling consolidating shaking out bottom action I love. Right now a tad below it's 50 EMA and on a slight down trend, but it's battling and nothing serious in terms of "damage" or losses. Maybe it does this all year, but might as well start the long term cap clock running now. Meanwhile, one also has to be stock specific, as they gyrate. Put writing worked well on the April cycle for me with five out of six expiring worthless and I got put one at a decent price. To get the real mark down prices one needs to buy the little swoons, as they often pop back very quickly. Like the PM sector they won't ring a bell, if and when these take off, there is no way you will get the right or bottom tick. These high beta stocks will fake you out both ways and some of the easiest $ can be made while others are waiting for trend confirmation. I'll take it along the bottoming channel. Everybody is talking now about MFL. Bought that at 1.10, watched it fade to 1.00, and sit there for several months, now who cares, cause right now I wished I'd bought it two months earlier, I'd be long term. Bought FGX at 5.30 watched it swoon immediately to 4.80, before turning up: ancient history now. |
