There is no clearer a reason why I should not be counted on as a straight stock picker than the fact that I went through a whole weekend, wrote a 41 page market report (including a chart of AFFX) and was totally clueless that the company is being bought by Thermo Fisher for $1.3 billion ($14/share). In other words, I am a macro market guy 1st and an individual stock manager a distant 2nd (and yes, that includes the gold miners). I just don’t have time to follow them closely.
So maybe the activated bottoming pattern we noted in the original ‘+’ update knew what it was talking about after all, until the market temporarily wrecked it. I don’t know if I am going to hold AFFX because I don’t know if I want equity in Thermo Fisher. I’ll have to evaluate that when I get the time. Needless to say, call the NFTRH+ trade closed at Monday’s open assuming nothing goes wrong with the deal in the interim.
As for PTCT, as noted in NFTRH 377 I am still watching it at support but only in the event of a market bounce. Even there, I am probably going to trade SPY, QQQ, IWM, etc. and a their inverse ETFs more than individual stocks as we enter a market swing phase and bear trend. PTCT is at support but its pattern, which looked so good to me, is now messy. Maybe the same thing happened there; maybe the pattern knew something (even if just a seasonal post-tax loss bounce) and a bounce in the market would alleviate the pressure. But consider this one closed out from a ‘+’ perspective as well, because the pattern is gone now and the ‘stop loss’ long since triggered.