Yesterday MM1 & MM2 adjusted by 2 issues each came in at 43% and 46% of an Average days trade. The volume in 4 of 22 issues reporting were complete Obfuscations.
I maintain 1 "Perfect Weight Portfolio" where no single issue has an overweight at any time. This portfolios value lost 1300.00 dollars on the day it has 40 pieces. When characterized against other periods, when Price attacks occurred, this is much less, and is directly related to the lack of contributing volume of the portfolios full component list. Hence the understanding for a portfolio as an organic whole.
Price obfuscation is a function of in place inertia, where current action is occurring on the back of accumulated intent, when it occurs, it must be determined if the conditions surrounding price rates of change are due to; 1. Stock out Buying, 2. Short covering, 3 Distribution, 4. New Short interest, or shifting combinations of all the above.
Yesterdays action with respect to price, occurred where those already in any stocks particular equation, "spent" considerable volume to drive the affected positions into favorable outcomes for them who were Spending said volume.
Characterizing the sum of the entire complex says that we should maintain a stalking mode for incremental accumulation of those issues at or near their respective lows. Like those profiled in "Where is the bubble" pieces; which appeared this week.
The calendar suggests we have some time left to accomplish our primary goal, of owning more of the market at the lows than we did, when the Obfuscation began.
Clear enough? Bang the Gong, throughout the stalking period and you will clearly become stronger, as the rest of the year progresses. |
