I just got spooked.... I was going for some URC.V at .32 cents... feeling a little unsure as the price had dropped too far... so I pulled my bid for a stinker to catch a knife at .29.... there was lots between.. I don't recall exactly how much, but I would have to say about 200,000 plus possibly closer to 300,000... and I had no hope in my mind of catching anything... but I did expect it to drop a bit more.. and from there I would try and catch the knife as it bounced... all of a sudden out of the blue... I was about 5000 shares from getting hit at .29 1/2 hour later......... I quickly cancelled the order... I don't move on something like that till after the dust clears... ....... big dumps like that take the wind out of the sails... I saw others closing out the bids as well... the fact that there was nothing to sell to was the only reason it didn't go further... Be cautious on going for a bounce... tomorrow is Friday and the markets have been real moody these last few days...
From there I went to a portfolio I was populating with picks that were strong... the portfolio is a Market Club Tool I'm testing out and it gives analysis of the stocks listed... I shan't go into details..... but the scores across the board had all lost points... this led me to a quick tiptoe through a large list of potentials I keep that house many more picks.... and I was surprised to see a flurry of trend breaks too numerous to list... that weren't there 2 days ago...
From there I set the watches to show the gainers and scanned all my level II watches and noticed very heavy volume accross the board with a heavy show of neutral and downers... albiet a couple of bulls in there... XAG being one them... possibly three or 4 decent gainers at the most... we are talking out of over over 300 watches... the day was kind of neutral in results but the volume was heavy...
Stay alert.... if the market spooks it'll take most everything with it.. granted there may be a few things that can buck the trend.... but the average won't be anything near what I would call good....
As for me I'm taking a neutral position... for the weekend .... all in cash ... If I'm wrong at least I'll get a good sleep... and next week I'll creep back if things stiffen up... think long if your more confident...
I'm not saying the market will crash in the next few days ...but for me I don't have a problem in stepping in and out... Use your best judgement.
The only watch showing some green was the Junior golds under .50 cents and some silver...
GLTA Lostoutwest
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