Friday, September 07, 2007

Collective2: ESMC out

This was a short lived play - entered on the bullish hammer which marked the supposed positive backtest of support, but exited on the break of this support. The hammer should have perhaps been ignored given it didn't occur at an oversold stochastic - I went with price action over the technical read and was caught out. Back to the watch list it goes. The 1,500 share lot closed for a -$600 (-5.82%) loss. Equity exposure is again back to 10% with cash at 90%. After Friday's losses and indices struggles at the 50-day MAs it could be back to the drawing board for this rally (although it is still intact).