The market stepped on my "Do not step" nerve as it closed 43.96 points higher courtesy of the big bad TEL gaining 1% today while the second liners that I am currently holding turned red at the end of the day. The market has finally closed 3% higher from the 4000-psychological barrier. It would be just a matter of days now to clear the uptrend in the long term.
MEG closed 1 centavo lower from my entry, showing a very strong selling pressure throughout the session which was accompanied by relatively high volume. ROC is still pointing down so my personal support at 2.26 to 2.28 will probably get hit. Weekly chart is suggesting medium term peak so I might sell on rally this week.
DGTL was also sold down the entire session closing 3 centavos lower from my entry at 1.66. This current behavior of this stock is something I can't understand(I still don't understand). A gap up followed which was accompanied with exceptional volume was immediately followed by a strong selling pressure with volume that was half of the previous session? Anyway, I am expecting the support from Friday's gap at 1.61 holds. Otherwise I would be cutting here again. Judging from other stock behavior, consolidation in the short term is also possible.
Bought FGEN at 13.86 today from the proceeds of MA which I also sold at a loss today. It is currently resting at the resistance but with the ROC pointing up and the volume traded today, it would be safe to assume that it will be broken this week with a target of 14.90 in the short term. It closed today at 13.88 with two centavo gain.
2 losing trades out of 5 trades in two weeks. The 3 remaining positions are relatively unchanged.
MEG - eleven days.
DGTL - two days.
FGEN - one day.
Maybe I shouldn't be pushing my patience by holding long onto my current positions. Previous holding time are showing better performance as they showed gains instead of unchanged position/losses.
Do I need to sell all of my current holdings to make a better assessment of the general market condition? Currently no mentor for this kind of market condition.
