Market, again, moved higher for the day.
$KNDI opened higher but couldn’t hold the gain; instead it began to fall back down to below yesterday close. Since i’m holding this for long-term, I’ve decided to ignore the price action.
Although price closed lower, we still have a higher high and a higher low for the day with the 5 MA moving back up. Perhaps price may bounce back up tomorrow, or not…
$GALE opened a bit higher and than moved even higher; nevertheless, I decided not to chase it at the open. I waited until it bounce off the $3 before buying a small starter position to test the water. It didn’t work. Price began to weaken and dropped below $3 to take my stop out. Afterward, I left it along.
As I had feared yesterday, the huge volume at $3 resistance was a tell-tale sign that the rally might be getting tired. The only way price can go higher from here is some substantial news to support it. A flurry of nice positively opinionated articles are just not going to cut it. Next support is $2.60 area; if price gets there, i may start to buy back some.
While $PXD was going thru some minor correction all day, ti did come back to close near yesterday close.
$PXD chart still looks good for a continued bounce.
$KGJI was basically just waiting for earnings report after hour. They beats and price was up after hours. Let’s see if it will hold tomorrow. I will hate to see another $KNDI type of action tomorrow. However, $KGJI, being in jewelry operation, is way undervalued compared to its western peers in term of market cap. So, I expect to see the rally will continue.
$CERS corrected a bit but rallied by day end to close even.
Chartwise, it is still good for a bounce.
$AUDC was down slightly so I decided to continue to hold a bit longer.
$LRAD bounced back up and the chart looked like it might continue to head higher.
Tomorrow may be a good day as well.
Oh yeah, while I stated that I might not buy back $AMRN until it took out $1.57 or higher, I decided to buy the stock back anyway in case of any sudden spike on surprise news. It will really be painful (psychologically) if price is to bounce back from here without me since I had hold this for way too long.
Due to gain on $LRAD, my portfolio increased slightly today despite negative price action on all other stocks.
LRAD, PXD, KNDI, KGJI, CERS, AMRN, AUDC and 22% cash.
My 2 cents.
Categories: Daily trading Journal