SOX wasn’t able to penetrate resistance zone that I mentioned here. Check out the 3min chart and review how difficult it was for SOX to cross that level. In general there was weakness in the broader market, but SOX showed strength and closed in the positive territory but in the lower 1/3 portion of the trading day. I shall take that as positive bullish sign with a little bit of caution.
Trade idea and technicals are one side of the story, the other side is “fill”. One may have done great technical analysis and have found an excellent trrde, but that needs to be “filled” to make money. Indices are generally difficult to “fill” vs. individual stocks. It is more of an art than sciene on how one gets a good fill. I’ll leave that to discuss some other time but meanwhile I’ll watch how it opens on Monday to determine the next action. Thanks to downtowntrader for this pick.
My other income trade was filled and I shall share that to registered users soon. So stay tuned.
Profitable trading, OptionPundit