Monday, October 17, 2016

Cogent - Bearish Setup

The entire market turned bearish with many stocks suffering sell downs since morning. I am equally bearish on this market and hence we shorted in the morning based on my outlook as posted in my private forum early in the morning @ 7:20am. As the market continues it's trading now, the Top 30 was mostly red. Some stocks tried to breakout earlier but to be only met with more sellers. I was very fortunate to scan a stock like Cogent where the buyers threw the white towel and the sellers were cheering in the background. I am expecting a bearish setup for this stock where I think it will rebound first for a 2nd wave of short selling to bring prices down even lower. We shall see.

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Ronald K - Market Psychologist - A Stock Market Opportunist