We got a nice gap down at the open then spent most of the day below the 8 EMA but closed very close to it. I'd say we're just short of a confirmation, but today's price action is still constructive. However, I'm not ready to add to my position yet.
The Quarterly Earnings Report is next Thursday before the market opens, so I want to be out by the end of the day on Wednesday. In my opinion, Earnings Reports are unpredictable, and can cause a large reaction against you. If you want to hold onto your position, you need a hedge to protect yourself.
Because the Earnings Report is coming up soon, and we lose 2 trading days after tomorrow, I would appreciate a solid down day tomorrow. We'll see what happens.
No comments:
Post a Comment