OMG NEO QTUM & PAY - After the selloff
It's been a few days (four to be exact) since we woke up and realize the market had sold off. Whether it was the China Syndrome or just typical profit taking after some great performances which led to a broader selloff is insignificant at this point. This morning I was looking at four of my long term holdings to see how they performed since the market contraction. At this point I'm not looking at specific technical indicators I'm looking at overall performance and how the market reacted as money start pouring back into these coins. It's important to monitor how your portfolio reacts at these times as it may provide some additional insight to the strength that of specific coins. We all know that rising tides raise all boats, and this appears to be the case, but some boats rise better than others. This MAY be an indicator of weakness in your portfolio and warrants further analysis into making the appropriate adjustments.
My buddy Phil throws all his equities onto one chart to monitor performance. He considers this his "Bible of Investing". He only wants to be in Thoroughbreds. His philosophy is stocks (or coins) that make higher highs on a consistent basis, will continue to do so in the future. This makes sense as in order to make a new high you have to beat the previous one.
Hence the above graph above. It's time to see not only how they performed over the past few weeks or months, but more importantly how have they performed since the selloff which is generally and indicator of overall strength, as whales love selloffs.
OMG is a true thoroughbred, best in breed from the day it was born. From out of the gates it has outperformed every other horse in my portfolio so it is no surprise to see it was the first to make a solid comeback. This is a horse that every other horse will be judged by, the standard of thoroughbreds, the California Chrome of coins. Within a day was almost back to pre-selloff levels. It then took control and surged past the sell off level (in red), retested and surged again and continues to trend up.
NEO lagged a little, but has since in the last few days started gaining some ground with a similar movement to what OMG did on the 5th, so we could expect another wave up and I will be watching for a signal.
QTUM was the one that really peaked my interest. It made a similar move to NEO out of the gate and only yesterday started gaining some traction. Like OMG It also made a higher high above the prior selloff rally line. NICE! (talk about having some bones on a long shot)
Then there was PAY which as most of you know was in the Dog House last week. It showed some glimmer of light as it initially performed like the others and then fizzle out coming around the 3rd turn. What happened (besides me losing a few bones on the breakout)?
My thought is the original buy back was bargain hunters, and traders, of course after a dip like that we would expect some volatility which we got. But it appears that PAY was not a bargain, and may not deserve to "run for the roses". Regardless of what YOU or I think about PAY, this is what the market is clearly telling us. The only thing that is ever 100% right, is the market. I look at OMG & QTUM and it's obvious I want to own them. NEO has performed as we would have expected from a solid Horse. But PAY? It still has not breached it's pre selloff level, and unlike the other three that have found support at this level, Pay has found resistance. AUGHGHGHG. What's this tell us? Large investors MAY not see PAY like some of us do or did. Big money is cautious and invests for the long haul and hires experts to analyze. Where did big money step in? I'm assuming at the cyan vertical line, as that is where volume and price picked up, Looking at the trend angle PAY was a laggard buy a lot.
I'm not saying PAY should be sold off, but PAY has gone from the dog house to the wood shed, and I will be closely monitoring to see if it belongs in my wallet.
My buddy Phil throws all his equities onto one chart to monitor performance. He considers this his "Bible of Investing". He only wants to be in Thoroughbreds. His philosophy is stocks (or coins) that make higher highs on a consistent basis, will continue to do so in the future. This makes sense as in order to make a new high you have to beat the previous one.
Hence the above graph above. It's time to see not only how they performed over the past few weeks or months, but more importantly how have they performed since the selloff which is generally and indicator of overall strength, as whales love selloffs.
OMG is a true thoroughbred, best in breed from the day it was born. From out of the gates it has outperformed every other horse in my portfolio so it is no surprise to see it was the first to make a solid comeback. This is a horse that every other horse will be judged by, the standard of thoroughbreds, the California Chrome of coins. Within a day was almost back to pre-selloff levels. It then took control and surged past the sell off level (in red), retested and surged again and continues to trend up.
NEO lagged a little, but has since in the last few days started gaining some ground with a similar movement to what OMG did on the 5th, so we could expect another wave up and I will be watching for a signal.
QTUM was the one that really peaked my interest. It made a similar move to NEO out of the gate and only yesterday started gaining some traction. Like OMG It also made a higher high above the prior selloff rally line. NICE! (talk about having some bones on a long shot)
Then there was PAY which as most of you know was in the Dog House last week. It showed some glimmer of light as it initially performed like the others and then fizzle out coming around the 3rd turn. What happened (besides me losing a few bones on the breakout)?
My thought is the original buy back was bargain hunters, and traders, of course after a dip like that we would expect some volatility which we got. But it appears that PAY was not a bargain, and may not deserve to "run for the roses". Regardless of what YOU or I think about PAY, this is what the market is clearly telling us. The only thing that is ever 100% right, is the market. I look at OMG & QTUM and it's obvious I want to own them. NEO has performed as we would have expected from a solid Horse. But PAY? It still has not breached it's pre selloff level, and unlike the other three that have found support at this level, Pay has found resistance. AUGHGHGHG. What's this tell us? Large investors MAY not see PAY like some of us do or did. Big money is cautious and invests for the long haul and hires experts to analyze. Where did big money step in? I'm assuming at the cyan vertical line, as that is where volume and price picked up, Looking at the trend angle PAY was a laggard buy a lot.
I'm not saying PAY should be sold off, but PAY has gone from the dog house to the wood shed, and I will be closely monitoring to see if it belongs in my wallet.
Komen:
I feel QTUM is giving NEO a run for the money as the 2nd best alt-coin.
OMG - dipped but found support at it's rebound high and way above the key support lines.
NEO - dipped and and found support at it's rebound high but lower than the pre china drop
QTUM -same as NEO
PAY - Testing it's post china low. YUCK, I have cut my losses in PAY and added the proceeds to NEO and QTUM that went on sale this morning.
"What's in Your Wallet?"