Too busy these few weeks with work, thus unable to post any thoughts on the market. However, I have already opened a few positions in the market since yesterday till today. 2 new IPO placements and I have entered Celestial at $1.19 in the morning already.
When I saw the markets in the morning, the top volume plays were all penny stocks! After so many days of blue chip rally, I was waiting for this moment to come. Celestial didn't have much of a volume for a start which was lucky, and I didn't bother too much of the entry price, as long as I buy it below $1.20. Some other signs which I took note was the fall in oil prices, which signifies well, china stocks in play in the US markets recently (remember the previous play it had after the fed cuts), and the end of the blue chip rally today. I was emphasizing as well for a few times, that most of the signs for Celestial already indicated the buy, RSI, MACD, Stochastics, and 1 more to take note is the channel it has been for the past few days. It has been consolidating for quite a while and I have shown in the chart on its channel. Today it broke out of the channel and I will need to see the fibonacci line and see the next resistance level.
You probably will ask, why I didn't enter at $1.14 or $1.16 which was a much better price. As I mentioned, the most important factor was the market sentiment, and during that time, it was rather mixed sentiments and it took quite a while before the blue chip rally began! That was the 1st sign for me to take note. However, I am still wary as due to the YEN/USD trade which is not improving at 110.36-110.37 + 0.12. The FOMC meeting next week is very interesting, which is going to announce whether there is a rate cut or not. As far as the market is concerned in my opinion, everyone is expecting a rate cut. The only problem is how much? It is going to be very interesting to see the market trend to move upwards or downwards.
I will post the chart for Celestial tomorrow and expect more uptrend for penny stocks, and china stocks too!
No comments:
Post a Comment