SCO is the inverse ETF of USO. Unbelievable move in SCO, wish I had some of that! How much higher can it go?
SCO is the inverse ETF of USO. Unbelievable move in SCO, wish I had some of that! How much higher can it go?
I'm up 6% and change on my SLV. I tried to set a trailing stop but since I have <100 shares Zecco wouldn't let me. As long as it stays above it's 200EMA I will continue to hold as a long position.
Since my ICO has gone south I am thinking about doubling down my position to lower my overall cost. I'd love to hear any opinions on that thought.![]()
Hi Justbizness45;
I hope you don't take my comments the wrong way, we are all here to learn, including myself.
I looked at a chart of ICO at stockcharts.com. These are the indicators I put on it. Bollinger Bands, 5dy moving average, 10dymoving average, CCI20, slow stochastics, and MACD.
$1.50 is a key support area, and you may get a bounce off that as you have had 6 down days in a row. If that bounce comes I would sell 1/3 of your position at the 5dy moving average level, 1/3 of your position at the 10 day moving average level, and 1/3 of your position at the 20 day moving average level if it gets there. Why?
1) Volume was very heavy on the sell off indicating a massive amount of sellers, on the way back up, there will be many more sellers getting out to salvage what they can.
2) The MACD is now below zero and falling indicating a very weak picture going forward.
3) The 5dy moving average is below the 20 dy moving average indicating the sellers are in control.
The good news is the CCI20 and Slow Stochastics are oversold so there should be some sort of a pop coming up soon. Take advantage of it and sell as mentioned above. It's never easy taking a loss but its worse getting locked into a bad situtation and throwing good money after bad. Never average down when the 20daymoving average is declining. Hope this helps. This is what I would do in this situation. 14U![]()
I'm probably not telling you anything you don't already know, but I was interested in doing some quick research myself.
March, April & May are the strongest months, but I'm not sure those same rules apply during a bear market. But still, those months did well for 2008.
My main concern would be the Conference Call on Feb 12. That's when the stock went into a landslide. I'd want to listen to that call and see what their projections are.
I noticed the 3 insider trading events just after the conference call. I'm not sure how to analyze those events. It could be an attempt to show faith in their stock, or it could be that they have the time and money to go long at these levels.
Regardless, I'm not sure I'd do anything until the stochastic gets above 20. Just looking at the last time they embedded is enough to keep me away.
But do keep in mind, I'm not long on anything, including shorts.
Best of luck.
Candlestick crack addict...
14U and JTH, thank you for your analysis!!This is how we learn and I am very appreciative of your opinions. I will do some reasearch this weekend and reset my stops and we will see what happens. Thanks again for the insight.
Found this on ICO, stock went up 9.4% today. They did an SEC filing of form a 8-K. Looks like they renegotiated their loan terms. I am going to just take a long term position and not panic.
Using my 20/20 hindsight I would not have made the purchase, but since I did and there isn't a large amount of cash involved I think I will let it ride.
14U I added your last sentence of sage advice about doubling down to my notes. Thanks again!!![]()
My ICO position was made @ 2.17 still holding(I bought the day before I started this thread). My SLV position is still @ 13.32.
Thinking about moving into GDX or increasing SLV position on Monday. I like what I am reading and seeing. With this drawback I may get a good entry point on Monday.
Looks like GDX started coming off its lows Friday afternoon. I'm going back in on the first pullback after open Monday. SLV isn't showing any signs of life. Not sure why. I already have a - for my small account - fairly heavy postion there so I'm not going to add to it. For what it's worth,
Lady
If you think education is expensive, try ignorance. - Derek Bok