The market has held up pretty well. 880 was re-tested and we bounced nicely from there. I'm expecting a big rally soon that could take us to 960. I'm still long SNS, SMSI and RGR. I have a tiny profit in SMSI and bigger losses in the other two. I'm still holding those here.
I had a chance to look over many charts and one of the things that I noticed is that many stocks when they make a new 52-week high usually re-test the previous high. For example, let's say a stock's previous 52 week high was $10 that happened 6 months ago and this week the stock closed at $12 making a new high. The stock usually goes down to $10 atleast 1 more time before it resumes it's move up. I had a chance to talk to few other traders and they have noticed this pattern too. If you look at SNS, it is right at its previous 52 week high.
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first of all welcome back from vacation... hope u had good time.
i like your explanation for the pullback specially in SNS..although volume is a bit concerning..its still decent enough..
i am long both SNS and SMSI.. also gold... miners are all have been breaking out.. AUY, AEM..
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