"Your ultimate success or failure will depend on your ability to ignore the worries of the world long enough to allow your investments to succeed." - Peter Lynch
A weak day for markets overall but it could have easily been far worse.
Markets stabilized after the opening gap and then slowly rose.
The good news is our stocks are still doing very well with today's best being GoPro Inc (NASDAQ:GPRO) up nearly 11% and Mobileye Nv (NYSE:MBLY) up over 7%.
Not to take anything away from Merrimack Pharmaceuticals Inc (NASDAQ:MACK) up over 4% or Avanir Pharmaceuticals Inc (NASDAQ:AVNR) up 2.93%.
Tableau Software (NYSE:DATA) wasn’t as good and United Therapeutics Corporation (NASDAQ:UTHR) and Gilead Sciences Inc (NASDAQ:GILD) were actually down on the day.
I did buy some Rada Electronics Industries Limited (NASDAQ:RADA), a very fast mover and so far it is working but not to a huge degree yet.
I had one of the best weekends of the summer, and do need to catch up on a little beauty rest tonight so I’ll try to be as short as possible this evening.
It is so nice to get away from all technology and spend a few day with old a new friends alike in a beautiful setting. It should be done more often!
This remains a complex pattern but it could be now morphing into a downward slanting head and shoulders pattern, the most damaging of all head and shoulder patterns.
So far it looks like a break below 196 would be the short level if it comes to that but it may not.
So far the 50 day is holding very nicely on a closing basis which is a must.
I still do think we have to test the 194 area, or the 100 day average but I just have to play it as it comes and not predict and my stocks are doing very well so that is always my main focus.