Good morning,
Last night was interesting. A couple of us went pub hopping, starting with 3 bottles of Junmaigeyjo and ended with Singapore favorite Tiger beer in a Chinese pub. By the time I reached home, the US markets in trading into its afternoon session. I was drunk, but was sober enough to boot up my trading station and behold, I saw positions opened while I was indulging myself with alcohol.
I could barely remember I had market orders for DSX and NOV, with the entry prices way below the Friday’s closing prices. I had mentioned that NOV weekly cycle was indicating upside potential but its weekly candle was a self-if signal. When I look at the candle after Monday’s close, the weekly intraweek formation did not confirm the self-if signal. However with the disappointing Alcoa earnings report that came in after the US markets closed; I expect the US markets to decline. With the mixed signal from the technical where the cycle is trending up and the sell-if signal not confirmed, I placed the market order at $45.95 (Friday’s close was $47.11). The stock dipped to $45.51 last night but recovered to $46.36, losing 0.62% from the previous close.
As for DSX, the weekly cycle is flat but the candles were bullish, I had placed a buy order at 0.03% below its Friday close at $16.03. This is one of the decision rules for KUTE; where the daily candle was bearish the decision is to place the trade at below last Friday’s close if either one of the weekly candle and cycle is bullish and the other indicating hold or bullish. The order for DSX was done at $16.03 and the stock closed 1.41% down at $16.04. My positions for this stock are out-of-the -money for the trade I made the previous night and at the money for last night’s position. I also bought RDC last night at $25.19 when it dipped below Monday’s close of $25.50 with the daily signal indicating buy signal and sold at $25.44. RDC declined 3.18% to close at $24.93. I had only placed a 10% return and not at higher target returns for RDC last night because I have expected the markets to decline as mentioned.
As for the other stocks that failed to meet the KUTE technical for trading decision, PDE closed 3.24% down at $32.26, DOX lost 0.66% to close at $28.63 and NE closed $43.89, down 0.61%.
Francies Cheng
BBus MAppliedFinance
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