Thursday, May 18 8:57 pm EST. I never liked it from the jump. It never passed the smell test. I said, if you play it, keep tight stops and watch it. Well, sure enough, it came back around to bite anyone who was trying. I never added to my existing positions.
So, what does it look like? I’ll flash thru all the charts, and see what they might be saying.
Well, that stuff I said about resistance earlier held up. Prices were turned away as they approached it. And, the volume? Kinda hard to say, as it looks to be all over the place, so I need to check the average for all. Up just 2% over average… let’s just say it was average volume. Much of the ‘rally’ had been on light volume, so, technically, this kinda counts as a heavier volume selling day.
This could take awhile to work through. We need to establish a new support level, or retest the previous one. We may still see a rally that will make us a lot of money… when it finally does come!