Market had a big rally day. Good thing I sold the $SPXS the day before to lock in profit.
$AMRN opened higher due to Joe Z. more assertive attitude on appealing to FDA to reinstate SPA on Anchor. While the odd of getting FDA to reverse their “negative bias” against $AMRN may be hard, I believe the grassroots movement of the many investors may bring enough noise for the FDA to review it once again. Joe Z. did mention about a backup plan which involve adding insert and material to Vascepa to support off-label use. That, to me, along with the continued positive feedback from clinicians and a steady increasing weekly script numbers are good enough for me to buy and hold from this point going forward. Take a look at the chart:
If today bounce could maintain upside momentum, we might be seeing the absolute low for $AMRN at $1.36 from this week. A good place to put a hard stop will be below $1.36.
$PXD opened higher and I added a bit more for the ride. Unfortunately, price could not hold on the morning gain and began to gave back some near the end of the day. I’m still holding my shares though.
The daily chart showed a green bar confirming the support of the 79 & 89 MA lines. Next week we will know if today bounce is a dead cat bounce or not. My stop will still be below the MA lines.
$CERS opened higher and I added a bit more as well. As in $PXD, price could not maintain the morning gain and gave back some later in the day but a last hour rally brought the price back up.
Nevertheless, I do like the green bar today near the 79 & 89 MA lines (although it was more below than on top). If price could rally back on top of the 79 & 89 MA lines, then the rally is not over yet.
$KNDI was another with a higher opening that could not hold the gain. In fact, $KNDI was the only one that went negative into the close.
The good news is that price is still “on” the 79 & 89 MA lines. Thus, technically, it is still standing on the support. Although I bought a bit more at the open, I’m holding this one to see if the support will hold.
$KGJI was the only stock that opened down but ended up higher, albeit a tiny one, for the day.
I’m still holding my shares and will wait for the coming Friday earnings. I like to think that $KGJI will have a blow-out earnings; otherwise, why bother to come to the US to do a road-show? Why would they commit to a “Jewelry City” if they don’t see fast growth on the horizon?
$GALE had a nice bounce back today so I’m still holding my shares.
I like the fact that today bounce put price back above the uptrend line.
$LRAD bounced off the 79 & 89 MA lines nicely.
I like the bullish engulfment bar today which could mean an interim bottom giving the fact that this engulfment bar is right on top of the MA support lines.
A lot of my stocks are hinging on the general market continuing on its rally from Friday to create a supporting environment for the bounce to take off. So, let’s see if we can rally to the Thanksgiving holiday from here.
LRAD, PXD, KGJI, GALE, KNDI, CERS, AMRN and 37% cash.
My 2 cents.
Categories: Daily trading Journal