I'm curious about why you elected to sell SII today. The daily chart still looks very good, at least to me, and it's at a new high (you, Darvas and O'Neil love new highs). The only thing that I can see is that the volume for the day ended as slightly anemic, but I don't see anything on the early morning intraday chart (when you sold) that amounts to waving the sell flag.
My SII position was up about 20% already and base on my experience, this kind of move is due for a sudden pullback/correction so the risk is getting higher for the potential rewards. Also I needed to put more capital to work on DRQ, FTI and possible some more on GOOG.
Here are my 1st and 2nd buy points for this trade.
3 comments:
MC,
I'm curious about why you elected to sell SII today. The daily chart still looks very good, at least to me, and it's at a new high (you, Darvas and O'Neil love new highs). The only thing that I can see is that the volume for the day ended as slightly anemic, but I don't see anything on the early morning intraday chart (when you sold) that amounts to waving the sell flag.
Can we be told?
-Mike O'Connor
Mike,
My SII position was up about 20% already and base on my experience, this kind of move is due for a sudden pullback/correction so the risk is getting higher for the potential rewards. Also I needed to put more capital to work on DRQ, FTI and possible some more on GOOG.
-MC
Thanks very much for the prompt and complete response, and for the rest of your blog.
-Mike O'Connor
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