Today's action took us one step closer to a major bottom on this which, after it is put in, will lead to a likely double, yes, double within 7 trading days. I'm putting in my limit buys right now at 1.50. While it obviously does not have to play out per the unicorn tail below, if we do get that feature then it will be a good indicator that the bottom is in. As usual, it is not difficult to end up being off by one small wave when you are so near the end of the 5th which is why most people shouldn't try to scrape the last penny out of it before placing a bet. I would rather place a few bets near the bottom and get stopped out quickly on each of them losing 1% of my bet each time while the shares fall 4-6% lower each time. One of those times you will have caught the exact bottom and you won't get stopped out and then the money will roll in quickly on the bounce.
By the way folks, forget all the crap that is spewed by financial media. All they do is project current circumstances into the indefinite future. In their minds, trees grow to reach the sky, gold is a pet rock and oil is just an environmental hazard. Nobody is right all the time but these guys are the most wrong near the big turns. If there is one thing I know for sure, fundamentals have nothing to do with the short term moves in share prices.
NatGas 1.91 as of today's open...looking like we will see that lower low for UGAZ that you were calling for on Friday. Quite oversold and ripe for a bounce...bottom fishing here.
ReplyDelete