Have we seen the bottom of this phase?.
From a weekly perspective, a small drop from 442 to 421 this week. Volume, normal.
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So what is happening? Playing the macro. Trying to find the bottom. SLX has done better than many other big stocks that had the biggest gains in the last rise. I had written earlier that most big stocks with big gains may drop 50%. Big stocks like BMN, BOE, LOT dropped over 50%. Lot of mid and small stocks much over 50%. PDN/DYL close to 50%. We reached 419 earlier, a drop from 675, and I was watching that today. 419 held again today, which, under the circumstances is not bad. It had least drop among the big stocks. In one way it shows the strength of the stock, for those holding.
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I was writing for some time that we may top end of May +/-. I have been writing for over 2 months that we may bottom end of July +/-. Last week I wrote there is a good chance we may bottom this week. Good chance CCJ may bottom this week. It reached 35, a high it reached coming from 20s, it acted as resistance this week. So odds are not bad, but let's see. I am a very small player making predictions, I could be wrong. There are big players on you tube so please check with their analysis.
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Personally I bought SLX this week. I had exited end of May having written that it may top over there. I was lucky with my call, and it did top there. I have been writing for over 2 months that I will buy around this time, hoping for a bottom. I did buy this week, but I only bought one lot today at 420. Reason being other big stocks have dropped close to 50% or more, SLX under 40%. But I like the play here, especially the strength that it didn't drop as much as other big stocks. So next week I will be watching closely - want to add more.
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So what may happen next week? All depends on U macro. On CCJ. On general markets. Let's hope it's in the right direction. Enjoy your weekend and all the best.
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