Price ActionOkay, please understand this is firstly a very short view of CDO and not a long term thought post.
With that said....
That was a very productive day I felt though it didn't look like it to look at just the price. Day one is the big move. Day two is the secondary follow through. Day three is the profit taking. A long held pattern.
And for a day three, that was some awesome strength that should carry some follow through higher for CDO. We tested down all day, but no one was feeling any fear to trade it down again.
When the sellers realized there was nothing in the air to bring this down, the buyers stepped right back up.
I found the action yesterday to be bullish and am pleased I sold only a portion.
And why should it not be bullish. It is in the most bullish sector that the world has seen in a very long time.