The market today closed by 26 points lower from the 4000 level, closing at 3979. It was basically correction time for most stocks today.
GMAP is still holding up at 7.35 with so much volume traded today courtesy of the big block sales by certain brokerage houses. Are they accumulating or distributing? The verdict is on Monday and I am ready to cut!
MEG seems to be encountering strong resistance at 2.40 slightly breaking above it but not enough as the penetration is less than 3% therefore I am expecting it to correct early next week or it will consolidate for the mean time.
I was right that there would be immediate resistance at 13 but I did not expect it to consolidate instead of making a correction. Anyway, it moved up today, slightly penetrating the next resistance at 14 but not enough to merit a buy. I'll observe how this one will go by Monday.
AT also broke its resistance at 14 by more than 3% today. I saw a buy signal yesterday but I did not took it.
I think PX has better risk-reward in comparison with AT so I am more inclined to buy PX instead of AT. I'll see how both go on Monday.
Which one is the faster horse? GMAP is one sick horse for sure.
Month 2 Day 5
Sitting on a 8.90% net paper loss courtesy of GMAP.
Break-even with MEG.
*I am now also trying to add the triple screening to my system. It is somewhat identical to the basic principles of my system. It is somewhat more defined so I might have gotten the idea from the article subconsciously. Anyway, it still can't solve my problem with spiking movements, from breakouts and consolidation. Maybe I am taking it the wrong way, or it simply cannot work well in this current conditions.
**The probable psychology of a candlestick opening lower the middle band and then closing above the upper band is the buying might have been overdone, thus the succeeding session results in profit taking or indecision. I'll post some charts regarding this.
