So the price action today sucked toward the latter half of the day. Selling increased in tech/semis, healthcare which have recently been strong sectors. Selling was also reasonably strong in commodities as well as bonds. Trades that were significantly profitable have become barely profitable. What is noteworthy is that very few sectors were UP for the day and week. The market in general has been weak and the uptrend is clearly slowing momentum. The only sectors that were positive today were SOME banks, SOME European stocks and currencies, and Australia. Other than that most every other sector was negative INCLUDING Bonds, utilities and Gold/Silver which are usually more of safe havens. In addition volume has been building to the downside on several sectors compared to UP days. I think we are at a turning point here where the markets will show further breakdown or continue higher, with the Market's recent mostly sideways action and slow churn higher likely not continue much longer. The weakness and selling pressure in most every sector shows that in general the major players are collecting CASH because everything is being sold. Its hard to say how long this will happen but there is little evidence CURRENTLY to show sector rotation is continuing into Healthcare and Tech/Semis and utilities. I expect that the end of the month this week and 7-4th Holiday may show some weakness as well or at least continue sideways as people take off for the weekend and setup for end of the 2nd Quarter June 30 by raising more CASH. This is causing me to become more cautious over the next several days. In particular BOX and CENX showed significant intraday reversals. ACHC order is still unfilled but looking like it may fill tomorrow IF I decide to keep the trade order. I am raising my stops on BOX to $19.02 and CENX to $14.18. If hit these would result in a small win for BOX and small loss for CENX. Other stocks I trade that have not been part of this journal are also showing weakness and signs of sell signals that have formed over the last 2 sessions or are about to show sell signals. As far as ACHC I am choosing to cancel my BUY order and reevaluate what happens with prices over the next few days. If we get more selling I will wait for reversal signs on hourly charts to tell me better entries. If we get a quick reversal I will enter long, but I will be patient and let price tell me what to do. When I say I see SELL signals it does NOT mean I plan to short the market. This is only showing weakness on charts that have shown UPTREND with weekly MACD > ZERO but now instead of rising they are falling yet STILL above ZERO. This suggests a divergence and weakness in momentum but does NOT mean a trend reversal,...at least not yet. So, I will trade what I see and that is to raise CASH, moving my stops up and not initiating any new LONG positions JUST YET. There is one SHORT position I am looking at and will likely decide on that tomorrow or in the near future. That is a potential SHORT in GDX. I will reeval over the next several days. GDX is showing signs of weekly, daily, and hourly, price compression and coiling up like a spring. I described this in prior posts in other threads but the bottom line is there is building price pressure and a STRONG move is expected in GDX very soon. The question is UP or DOWN?? Currently most of my signals say DOWN but some still say UP. Oftentimes these signals show a strong FAKE OUT move in one direction for a several days only to reverse STRONGLY in the opposite direction and begin a trend that will last several weeks or months. Othertimes it just takes off in the initial direction. So I would like to see price action tomorrow and decide. I plan to keep tight stops if I decide to play and will likely follow the opposite move if it occurs.
Its insider selling at BOX. https://www.sec.gov/cgi-bin/browse-...001372612&type=&dateb=&owner=include&count=40 But thats OK. They need a payday. Higher lows YTD. It was a good buy this AM.
Looks like ACHC took off for a 3% pop today. Never even made it to my proposed BUY price of $47.13 when I had the order in. Anyway, looks like my TA is picking up some gems. Just need to maximize profit now. Currently LONG CENX and SHORT GDX.
GDX still looks undecided but poised to explode in one direction or another. For comparison I chose to look at the last time GDX had a massive move to almost 3x price from Feb 2016 to July 2016. At that time $USD was beginning a down trend. $USD has begun a down trend over the last 2 months as well but GDX has not yet responded. (PINK OVALS). Need to keep a close eye on GDX as further weakness in $USD may bouy GDX and catapult it HIGHER and getting me caught on wrong side of the trade. Plan to COVER SHORT and enter LONG if I get stopped out at $23.05 because I think this will be a very large move in GDX that is about to occur.
Maybe have a look at AKS , X , SLX, steel concerns for a USD down/hard assets up play. AKS is gonna explode up , IMO. Based on the chart and TA. I wonder if the gold miners and XME , in general, can go against this potential move.