Historical observation from Cobra:
Bad situation if 2 consecutive down days after an accumulation day, which happened today. If the bull cannot withstand it,, a trending down will be mostly occur. Therefore tomorrow will be an important day to watch.
Market sentiment:
After Friday big up, most of the public thinks that the market will keep the momentum for up trend this week. However, it goes against it and today the market went down most of the day. Even I thought the market should go up today...
My thoughts:
1. Currently dont put efforts on guessing whether market will go up or down,, but rather be flexible to deal with current positions in the portfolio. I still didn't put my money into the market yet, which is good thing for me, at least on a conservative way of investment at this moment because the uncertainty and the timing. Remember, all the managers, funding, institutional investment, even retail public are on vocation or not fully invest yet... Therefore, take the chance to learn from the market and keep notes for what happened is what I am doing now.
2. I am doing the paper trading on Options as well. Today based on one recommendation for buying put on NVDA. I did this on paper trading.. And I will post the results later on track the performance and evaluate the recommendation from this website.
3. I still have the position of MRVL. The situation gets worse for this. Now MA climbed up and the short term starts to be above the mid term and longer term,, which is a bullish sign. Today, the market went down greater than the MRVL. The STO is at high level,, the MACD is up, lighter volume... UP BB is up... PPL are hesitating to take more new position at current price level but they are not either at the mode to dump the position. It s too way up away from the support and the UP BB price is 16.76. I will keep close watch for this price. If it breaks this price, it may be a sign for me to close the position. I am ready any time to close it or will stand for a long time to see if it will turn the direction.
4. According to the observation, there should be a up that may above last Friday's high. So I am very cautious now and be prepared for that to happen and pick bearish side put and open new position.
