CDE now up 7%+...had been as high as 26.07...now 25.87.
Many traders would take partial profits here. I did not have enough dry powder to buy quantities for a trade, so am simply holding CDE at this point.
DOW now bouncing from 200 day moving average area. 128.54 is 200dma for DIA. DIA (ETF for DOW) touched low 128.65, very close to the 200 and subsequently started to rise.
Tho we did get more than a 5% bounce from those bollinger bands near highs, I chose NOT to buy CDE there due to possibility of dollar strength/bounces...and to market volatility...
and due to uncertainly re earnings for CDE...
tho I did NOT expect a retest of 200dma for CDE.
Tried to post ongoing assessment near those highs was often unable to post. Was very wary when CDE failed to hold new highs AND market continued to show weakness (with VIX-related ETFs continuing to show bottoming process with huge volume...as tho a scary bounce...now occurring...was in the making).
GLD and SLV recovering from smack down somewhat, but I need to see upmove in euro (FXE).
CDE appears to be starting to print a tiny pennant-like formation. May add IF there is a clear move to upside and IF silver/gold cooperating.
If lower highs and lower lows set in day after day, followed by a doji in the middle or a bullish candle, I might watch to add.
Official definition from stockcharts describes a pennant as lasting for weeks. Will watch the configuration regardless of official names.
Pennant: A continuation chart pattern that is simliar to the flag, except that it is more horizontal and resembles a small symmetrical triangle. Like the flag, the pennant usually lasts from one to three weeks and is typically followed by a resumption of the prior trend. See ChartSchool article on Flag, Pennant (Continuation).