CCMP’s daily chart sux
[edit] after all that, I sold it. Not so much for CCMP reasons but for portfolio management reasons.
Look at the disgusting short-term pattern, just begging to drop to 135.
I am holding CCMP currently at a 3.3% paper loss. Why? Not sure, really. I think it is because my lizard brain thinks it smells a rat, a shakeout before a recovery. Here’s the thing. I’ve been shaken out of situations like this before, only to have been played as a bad chart mysteriously fixes itself. But I have also avoided bad losses by doing what the chart says which, in this case, would be to sell.
So for now I hold with a manageable paper loss. If 144 gives way I may be compelled to do what I probably should do anyway. It’s just my mental insistence that this stock should be higher keeping in it for now. That is imposing will and ego into the picture, which is not usually good.
Just a little post from one guy who does not get everything right.
