The market lost another 80.21 points today after meeting resistance at 4200 levels. I thought it was the lack of leads is what causing the landslide but apparently, it was the "poor" job data and debt problems in Europe. Pretty much old news to cause this drop. I'm more inclined to say that the recent drop is exaggerated. Anyway, I think it would be safe to assume that the short term support for the index is at the previous low of 3950.
Today, I sold all my remaining position in AP as every system that I used to trade it before told me to close it. I'll be waiting for it to form a higher through or an exceptionally bullish reversal pattern before getting in again. I wonder what did the guys that bought alot of AP at 32.80 do.
ORE is pretty much boring though. I am expecting it to move within 2 to 4 days.
I am simply waiting for my trade setups to take full form in NIKL, SMC, MBT and MPI in this particular order. By the way, COL already included NIKL in their marginable stocks.
BEL has started to correct too although I am not eager to buy it because of its long candle wicks although the bearish RSI divergence has been negated already.
MER gave a buy signal today. My buying wasn't hit at the closing so I will try to buy tomorrow at the opening if it doesn't gap.
Bought a few AGI today for range trading. I am going to complete my buying tomorrow if momentum confirms it.
I think I will drop JGS from my "oversold and recovering watch list" and I would focus my attention on URC. They bought back 800k shares at 34.95 at the market.
Judging the behavior of the index, looks like the market is going to trend up slowly again which I like better rather than them surging up like crazy.
