I was unable to wait, I bought a 1/6 position in MELI and will watch closely for signs of weakness and a near-term FTD. I was already above the 0-20% suggested exposure level, so my probabilities of loss are higher than they should be. I just don’t feel like parting with my remaining IBD stocks. Fatal flaw?
Yesterday was a good upside reversal in the markets, but not good enough to be the first day of an “attempted rally”, that happened today. Attempted rally just means a low price was established and we are waiting for and FTD. A lower price would restart the wait for a new first rally day.
I also added a bit to AEM, which is providing defensive strength. Nice test and rebound from 50dma yesterday and very good follow through today.
GVA also holding up very well.
SPOT fell below 50dma yesterday but had a good upside reversal and today it made it past the 21dma.
I owe charts on my sells.