Pre-Holiday Profit Taking
Pre-holiday profit taking is begining to have a negative effect on some of the stocks out there (SXCI), while others such as RRST, continue to experience higher demand. As more and more traders and institutional investors abandon their trading desks in favor of reclining beach chairs, we can expect volume to continue to decrease all across the board. I on the other hand will not be on vacation. Instead, I'll be looking for opportunities to catch new stocks before they start moving and snatching up others that have pulled back due to profit taking. Besides, I'd rather take my vacation in the winter....
posted by Nick M. @ 10:15 AM
3 Comments:
Hi Nick,
Are you thinking about selling some BZC here?
Hi IPS,
I was thinking about it, but I've decided to hold on and watch it cautiously. Although the stock has taken quite a beating today, the volume is just a bit above average on it which doesn't signify any institutional selling. The selling has mostly been by individual traders and investor who set stops and others who are selling because of panic. A look at the intra-day chart will show you that the stock may possibly be manipulated down. It has done this before in the past so that the institutions and company insiders can get stocks on the cheap. Of course, I could be wrong on this, but I'd rather wait and see how it closes today and possible Thursday.
I didn't like the close on BZC. I'll wait and see how it acts on Thursday and Friday. The 50 day MA is a key level that it shouldn't break. Otherwise, it may be a good idea to sell it off.
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