Are we back?.
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A very good play today, but an unusual finish. I am still not sure about the closing auction. There will be speculation and there could be some news. $40m traded today. I don't have an opinion currently, so will not speculate for now.
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So something has changed, it's obvious, isn't it. 2 weeks back we finished at 3.3. Last week at 4.4. This week 5.3. We reached 5.6, last time we were there when PLL play, around 3 months back, which unfortunately didn't end well. But in that play we reached 7.2. So still much under that. What has changed then? Last week I had speculated a few, firstly something to do with SYA, as last week play was our own. Secondly macro sentiments. This week play and especially today, it looks like Canada is a darling of some. Some could attribute that to Biden policy. Certainly that is a factor. I also keep on writing that ALB above 128 we are in neutral territory, maybe not great, but very hopeful. ALB made a big dash this week at 140 but has retreated to last week number. But at 129 currently. So there is hope. Also SYA, some may feel was way oversold. Another factor could be short squeeze. Anyway, we will never know the real reason, it could be a combination of many. But my experience says one thing in stock market is very important - sentiment. And I can feel sentiment changing. Let's hope it stays that way.
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Personally, last week I had written, I am in in decent way at average 3.9. I didn't pick the bottom. Reason being, firstly I wanted to play safe with what has happened for last couple of years, and secondly I wanted to play uptrend. I had also mentioned last week, 2 numbers. 4.8 and 5.1. The number 4.8 was important for me to see that it doesn't retreat like last time and all this play is a trap. 5.1 is the number I had written we have to get over to move into positive play. We did that today. I bought more at 4.9 and my average is gone up from 3.9 to 4.1, but much bigger play now.
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So what may happen next week? I would have thought I would have better expectation before that closing auction play. So honestly, unless I understand what has happened, I really don't have an opinion. If closing auction was neutral, then I would think we would have a very good chance to get to 7.5, not in one go, but certainly as part of this play. There may be hiccups, but odds are not bad for 7.5 to come into picture. Let's hope it plays that way. Enjoy your weekend and all the best.
(20min delay)