OO, big selling off internationally today. I kept my short position overnight and will see how it goes.
According to Cobra, 32 0f 48 times the next day after a Major Distribution Day closed in GREEN. So let's wait and see.
According to VectorVest Yesterday, the Trend is DNUP. It means the momentum for the uptrend is holding up and flat. The RT is below 1.00 now, which means the market trend may start to turn. All the data from 8000 stocks indicates that at least the bullish trend is stagging and flat.
For my put- TSRA. The stock closed at 15.79, which is 2.89% down. Relatively more buying and selling happened at the last hour. Currently the Price is just at the lower BB, which a relative strong support level. A gapped down down window opened today. 5 days continued price down with increase volume up. STO is below 20. MACD Cross the Dead Cross and starts to head down.
Two scenario:
1. If the market goes up sharply tomorrow, the open gapped down window may be filled.
2. If market not bullish enough, it will keep wonder at the lower BB and if it can hold today's closing price, the price will keep going down. If the price breaks 15.50, it will be a free fall.
I am not sure what will be the situation. That is why today I am hesitate to close my position. Previously I mentioned for this stock, I don't want to hold up too long because the volatility is not too attractive to keep for long, even days.
Strategy:
If the price keep going down, I will close the position tomorrow.
If the price goes up, I will hold it till Friday and wait till tomorrow's market development.
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