In the chart below for COV (NYSE:COV) it confirms that a short term counter trend move is underway. When this action is over look for the longer term positive trend to resume back to its strong uptrend. As always make sure to use tight money management stops to preserve your capital.
Keep an eye on SMC Recordings Inc. (SMCE.PK) for tomorrow. It closed today $1.11 today (Tuesday) and snuck some news out at close. Last time we witnessed this stock double within a day, so it’s likely traders will remember this and jump on the bandwagon again. If this breaks $1.25 in early trading tomorrow this could test $1.50 by mid day. Do remember to take profits along the way, if it jumps too quickly out of the gate watch for a pull back entry.
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