Aug. 26 at 2:46 PM
Well,
$SMX is not performing today as it did after a similar volume signal on July 24. While it opened higher on July 25 and kept on rising — today, it opened slightly lower and has gone down 5% in the first half hour, and should now rebound upwards some. But unless it re-clears and closes above the hourly upper Bollinger line at 4.34, which has become resistance yesterday and overnight, I’m selling. I will also sell if
$SMX can’t clear the hourly 20 and 50 SMA lines at 4.17.
From this, I think I’m going to stop doing closing buys on expectations of uptrends the next day, only picking stocks to watch near closing, buying them if they do start trending up the next day. 10x volume surges, even paired with historical patterns and other indicators, don’t seem to be reliable buy signals a fair portion of the time. Confirmation of upward price performance seems to be necessary to weed out the good from the bad.
$YCBD on the other hand is doing okay, up 3% so far. More later.
