Friday 26 July 2013

Support and Pentillie Castle

We have arrived at the top of a strong bull run. That small volume spike I pointed out a few days ago appears to have marked the a flattening of price movement. Up to now I have been reluctant to draw a new support line but the time has come.



It is encouraging that yesterday's big dip was followed by an intra-day recovery. It suggests that there is a bull and bear battle going on with the bulls holding on to the high ground for the time being. With a fully invested portfolio I am keeping my fingers crossed.

In the UK the support line was broken on Tuesday and the same sort of battle is being waged. Volume of trade has dipped for most of this week so here too I am keeping my fingers crossed, holding on hopefully. I don't have the same clear view of when I should pull out after a break of support. Instead I shall just have to guess and watch individual shares and work with tighter stops in mind. 5% to 10% trailing stops perhaps instead of the 25% which I decided on a few days ago. It's so frustrating not having a decent backtesting system.


Pentille Castle



I've been away for a few days. My wife had a birthday and I took her to stay at Pentille Castle in Cornwall. It was fabulous. If you would like to treat yourself or someone special I strongly recommend it. The views are to die for. The house and its rooms are comfortable and spectacularly presented. The hospitality is warm and welcoming and very, very personal.

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