This has been a difficult market for me, so I am assuming it has been just as if not more difficult for other traders. Still, we have had our small victories sprinkled amid the carnage. But today, in addition to the rally, there was another sign of hope that things may be turning around.
With a little less then 2 hours left in the trading day, I received a Buy signal on CVP, then trading at $10.84. By the close of regular trading, CVP had hit as high as $12.00.
This is a significant move for two reasons. First, it was a move of about 11% in less then two hours. More importantly (yes, more important then 11% in two hours!) it marked a return to day-trading signals playing out in the manner to which they should. CVP is not stock on the everyone's trading list, in fact, it was until this signal, virtually invisible. The pop played out as it was supposed to, price, volume, pop, and strong close, as close to perfect as I have come to expect from these plays and a far cry from the struggles of the past few weeks and months.
One successful day trade does not an "all clear" make, not in and of itself. But if things are indeed turning back to normal, we are going to have a great few months ahead.
I'm looking for DEPO to gap-up tomorrow (subject to pre-market news, from Citibank in particular). If it does, it will be another step on the path to normalcy, which for my trading is short and sweet pops in selected stocks throughout the trading day.
No change in positive opinion on our recent longer-term selections, NTRZ, ACTC, FRG, ARWR and AGEN.