Don't Bite The Hand That Feeds You

[TheInvisibleHand ™]

Pmi alert was around 2.03 it ran to 2.40 then The "great" rating agency Fitch downgraded it (sarcasm). However more importantly the stock again closed above its 200 moving average, that is the line in the sand. So when using your stops, as stated before i rather use a stop slightly under a support level then at it, to avoid market maker shake outs. That candle isn't a dragon fly doji though, it missed it buy a few ticks. Its more what we call a spinning Top, but it also formed a homing pattern which could indicate its about to head back up. The homing setup is not the most reliable signal but that combined with my other system indicators and that key close above the moving average makes it a relatively high % chance that the stock will again head back up. It needs to break out of that 2.4 area. Make sense?