ITA: 22 May 2012 | Ran Out of Gas

Ran out of gas.

Market appeared to be a well-oiled machine during the first few hours of trading. In fact, there was one point when 18 of the 20 most active stocks were trading positive while the other 2 were unchanged. It looked like a convincing follow-up to yesterday’s showing. But, once again, while most thought of the obvious, the market did yet the unexpected. The bulls were not able to sustain the thrust and the session ended up almost flat, losing as much as a 72 point gain to close just 4 points on the green. Added positions in MPI today. Honestly, I didn’t think my bid at 4.03 would even be matched, but well, it was. It’s a disappointment though that the stock closed (4.00) near its low of 3.99. I’ll be implementing a very narrow range for this one unless market shows great upthrust tomorrow.

Position Ave. Entry Last % Change Days Held
MPI 4.03 4.00 -0.74 1

Still holding on SECB and ROCK.

DMC was up today closing at 58.1, a gain of +1.91%. But still, buyers were quite hesitant as volume was not that impressive. Still waiting for a reversal confirmation tomorrow and the coming days.

Amidst the sinusoidal movement of the market the past days, a relatively strong stock is RFM. The stock appeared to have found support at 2.45 and could be gearing for another good run.

US markets are positive as of this writing.

>> God is good all the time 🙂

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