Is this what they would call down home south? If I didn't have that bit of extracurricular MF profit-taking fun today, I would be having quite an angry fit right now. With one roar, the bears grabbed back most of the gains my portfolio made yesterday.
To recap, I caught another round of MF @ $1.915. MF closed the day with a very precipitous -47.61% daily decline, but I was able to mainly get in at some lows - for now. If I had bought @ $3.55, I sure as sell wouldn't be happy right now.
The good news is that the 25-period SMA on the 10-day 15-minute MF chart is now close enough to current pricing for it to try a break above it. If that happens, a quick reversal could be imminent and if we get really crazy, today's high of $3.31 is fair game - and failing that, at the least a retest of today's 50% daily Fib level at about $2.53. The downside is... who can predict the bears nowadays? We could just as well get a dose of $1.1289, which is about 31.8% of yesterday's close of $3.55.
With such market-moving action today, MF is bound to be on the radar of many traders and faders tomorrow. My profit taking will need to be swift as volume was about 22.55x the 10-day average today.
-3.10% SBA
-2.28% Roth IRA
-1.74% DJIA
-2.26% Nasdaq (yikes - we closed just 45.10 points above the 50% annual Fib level on Nasdaq)
-2.00% S&P
-0.41% FTSE
-0.65% Eurofirst
+9.54% VIX
Oh, Lord Almighty! I can't take anymore... CENX reported a Q3 loss of 7 cents per share... Spare me, bears!
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