The markets have recovered once again from a nasty opening gap to the downside this morning. Despite the nasty sell off, leading stocks on my watchlist continue to hold up very well include APKT.
APKT is currently shaping a bullish hammer just as all of the market indexes are at the current moment. Many persons are predicting doom and gloom, several months of further selling and the start of a new bear market. Whether these things will come to pass is not my concern. What I am concerned with is making money. Although there may be further down side in the near future, the risk/reward is not sufficient to justify shorting at this moment.
The T2108 and the VIX are indicating that some sort of rally is very likely at this moment. Whether its going to be one day or several months, I have no idea. What I will tell you for certain is that when ever markets get to these extremes I will buy stocks that I have identified as leaders when they trigger from patterns that I like. No matter what the "professionals" might say.
Right now APKT is one of those stocks. I love the bullish hammer I am seeing in APKT and will take a starter position in APKT in anticipation of a breakout near the close of trading should the markets follow through on this early buying into the close.
That is my plan for near term.
Good luck and good trading!
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