For those holding swing positions it's a bit of a guessing game at the activity tomorrow. Volumes are heating up, and tonight on Cramer he called out CGG, but also said it was overpriced to buy. I'm looking for some panic selling in the morning and a potential pull-back in the worst case. However, in this sector as far as I can tell sentiment is driving this action, as the entire market was downtrending while MJ stocks erupted again today.
RSI is super overbought, MACD looks solid with good volume on the last two days. There is room for this to run with the Piper rating of $60 last week. I'm holding into the first 30 minutes of the day before taking any profits, mostly to make a call if a short-term pull-back is triggered from the morning panic. Then I'm buying back-in, because this thing's got another leg-up preceding earnings even if it does pull-back this week.
RSI is super overbought, MACD looks solid with good volume on the last two days. There is room for this to run with the Piper rating of $60 last week. I'm holding into the first 30 minutes of the day before taking any profits, mostly to make a call if a short-term pull-back is triggered from the morning panic. Then I'm buying back-in, because this thing's got another leg-up preceding earnings even if it does pull-back this week.
Trade closed: stop reached:
For a short-term swing trade the pullback was way harder than expected yesterday. In hindsight, totally reasonable and should have been expected from something so overbought. I think Cramer seriously had a damping effect on this entire rally. Wild! 'Good volume on the day, MACD could be doing a divergence reversal, but again these stocks are on earnings and speculative steroids, so look for another rally!