Wow landslide! The index lost 89.94 points today. Majority of the issues today are simply free falling. I am assuming that the lack of lead is the cause of this free fall. Anyway, it is still basura plays which I don't know how to trade so I am simply holding current positions.
Ap went into a steep decline today and it is still within short term downtrend. Should it close at 31.50 or higher would suggest the end of the down trend. During the weekend, I was hoping that AP would open on its low. Well, my wish was granted and more! A bounce from 28.50 should provide a good entry.
Terrible timing with ORE but prices are currently still holding up above my stops.
There are only handful of stocks in my watchlist that are still holding up. BEL, MBT, MER, MPI, mining stocks(ORE, PX, AT, LC, NIKL), SMC and PCOR.
AGI looks nice for range trading. Support is at 11 levels and resistance at 12.50-13 levels.
DMC looks good for a breakout play although it is still moving sideways within a very tight channel.
JGS and URC are still on the reversal/oversold playlist.
Stocks that are on the top of my list are MBT, NIKL, and SMC.
Stay with strength!
