One of what I consider my most powerful market timing signals failed me today. The bullish hammer formed yesterday was a few points today from being a confirmed failure. The persistent weakness in the markets today with no sign of buying in sight forced me to close out my position in APKT despite its tremendous strenght relative to the overall markets intraday.
I was also stopped out of my swing position in CBPO with an unusually tight stop at $13.35. I exited APKT at $25.75. Overall I ended up losing about $14.00 including commissions for the day.
My performance for the month continues to be disappointing. Volatility in the markets remain very high and there are very few clearly bullish or bearish set ups at the moment. I believe the best option for me at the moment is to remain in cash. So I will sit out tommorrow and likely Thursday as well and see what opportunities the market has on offer next week.
Good luck and good trading!
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