I got some picks right today...
Finally a clean fade play surfaced on this beast. Opening on a modest gap down, the stock went green then fell back underneath the previous session close and the opening price signal, which is the best way to play a gap down you want to short if the gap is reasonably sized and the down side action is clearly overdue, as was the case here. Red close by over 7% on the day.
A perfect play for shorts, as this gapped up at the hod then tanked nicely all day, taking out the previous session close for any remaining doubters, as well. Save for one very brief mystery spike, it was textbook. Closed down by nearly 23% today.
Watching paint dry can be profitable, even if it is boring. Very similar price action to the previous day as suspected, where outset longs just rode the accumulation prints into the close, which was green by over 4% on the day. Up after hours, but no longer as interesting to me with 2 recovery sessions under its belt.
More predictable speculative idiots arrived, resulting in a boring day with even handed upward mobility. After early noise on the 9:35 A.M. candle, which closed green relative to the previous close, a bit of tape painting was the only hitch as this closed green by nearly 8.5% today.
Just like in July, it failed to hold its spike. Opening on a gap down, it just fell all day evenly into the finish, closing red by over 12.5% today. No long scalp, the only bright side is most Bulls probably were flat and stayed that way all day since the price action was negative from beginning to end. Wrong enough here to lose.
Rare earth metals took a breather today, but although this resembled PIP in its early redness on the gap down that went green and back again for an entry signal, it took out the previous session high in the process by 1 cent. Timing the top would have been pretty hard the way this played out. When it returned to red, it failed to eclipse its own opening price for any meaningful period. It also closed higher than it opened, the gap being responsible for the on paper red finish of over 2.5% today. All things considered, a loss is in order.
Despite the red finish on paper of over 27.5% today, this is at best a push. Daily doji print could have banked for shorts, depending on their conservativeness and timing, but that is not enough for full credit. Opening on a foreboding gap down, it fell early and was possible to make money on, but it recovered the rest of the way into the close, finishing off of the highs at least. The big gap suggested a flat stance. All things considered, a push.
Daily record: W-4 L-2-P-1
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