Market Comments Submitted by Nick at My Ambitions as a Stock Trader
Submitted by My Ambitions as a Trader and Investor
Oversold Bounce
Today’s action is a perfect textbook example of an oversold bounce. There may be two outcomes. This may be a temporary one to two day bounce, or this may lead to a double bottom in the market. If this leads to a temporary bottom, we may a short term rally to the 50 day MA or possibly higher. I took advantage of the earlier dip in AIPC and grabbed some more shares in the low 30 range. MELA has been under performing as of late. I’ll give MELA a few more days to shape up before cutting it loose.
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