“Capital Preservation. This is no longer an easy dollar market but a hard penny market. Don’t chase bounces for pennies in a downtrend.” – Trader J.G.
You could be in the right sectors and the leaders then again, the amount of money you’d be making is far too small for the risks that you’ll take. You could be right, you could be wrong and cut fast but it may be too much of a waste of time and sometimes it would be better to sit out at the sidelines and stick mostly to the companies (your core) and some cash , come what may. I guess this is a person-to-person basis. Some will choose to deploy while things are shaky. Some will choose to sit out. Then again, others see this as the chance for all the speculative stocks and third liners to be at the limelight so the market has come to a corrective phase where there will be penny stocks flying and dancing or going nowhere as well.
A lot of market on close orders which were plenty causing many stocks to drop below VWAP:
#PX @ 9.12
#AP @ 39
#GLO @ 1602
#SCC @ 116.10
#AT @ 11.92
#MWC @ 27.5
#JFC @ 181
#MEG @ 4.65
#UBP @ 114.7
Most of the prices were far from VWAP as dealers simply made Fill and Kill orders. Volumes must be filled and hence, prices have to fall to fulfill the huge volume of sell orders.
Tale of Two Oils
#PCOR breaks down from 11.50 and Macquarie rescues but still closes at 11.30 +35/275
#CEB breaks out of 70 but again foreign sold, -41/133
Many speculative movers
Will #VITA follow through after the huge crosses? Closes near the high at 1.18 (342 Mil pesos, but there was 317 M crossed)
#IS closes near high at .29 (65 Mil pesos)
There’s a lot of sellers in the market. There are more resistances. I’m not in the camp to discuss each and every stock today. A thinning market means there are less players in each stock. Everyday is a day where there’s not quite an edge to stay in the market unless you have an adequate fundamental reason to hold for the companies for next year. Value hunters can peso cost average their favorite stocks. Penny stock players play their pennies, nickels and dimes.
Taylor Swift Says Players Gonna Play. Haters Gonna Hate. She’s gonna just shake it off.
– Faceless Trader