SQNM down 46% after hours. CEO and other executives fired after mishandling test data.
This is also a good reason to keep positions in individual stocks small and use wide stops. Personally, I am gravitating toward only trading index and commodity related vehicles for this very reason. The allure of a ten bagger is not sufficient to offset the craziness.
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One of the most unloved feelings in the mkt is to be long a hammered stk on a day when the DJI is up 200 pts :(
I was grateful the day that OEX options were approved.
What's your take on today being another morning star reversal ?
I would prefer an ABC zigzag to suck in more bears.
This is an excellent pattern. It seems to work well on both the daily and weekly charts. It just requires follow-through to confirm. I prefer to us the high of the 3 day pattern and not just today's high.
My hunch is that we are in a flat correction. The pattern from 9/23 to 9/25 was a zig-zag in the Qs. Today's rally being light on volume smacks of a "b" wave. This implies we will retest Friday's low - probably sometime next week. This also means higher prices are likely.
Unfortunately, the market feels really heavy right now and seems to be under some stealth distribution. Unless there is some volume to go along with the expected new highs, I think we will be done on the next upmove until a more substantial correction occurs. I'll more on that once this correction is over.
I have my targets for all of my positions. I will be exiting positions at targets if they are hit. Remaining positions will be sold at SP500 - 1120, Dow 10,350 and QQQQ 45+, except for core holdings.
My main distrust of today being a "good" morning star reversal before seeing confirmation tomorrow is because of today being Yom Kippur the light volume is untrustworthy.
"...and seems to be under some stealth distribution" That's exactly what it looked like IBM was undergoing today (see intraday chart) under the cover of big up day in the general mkt.
No follow-through on morning star reversal. Looks like a dud.
Suspected as such because of the holiday it was easy to gap the mkt up & squeeze shorts.
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