Market opened with a hiccup, struggled a little to maintain balance, and then flew high to the sky.
$AMRN started off higher and by automatic instinct I added more. While it could not maintain the high altitude from the opening high, it did close higher for the day. Thus, I’m still holding all my shares.
$GALE traded down at the open and I watched for the bounce. When price bounced back above the daily 5 MA line, I bought back some position. Once price climbed inside the opening range and headed higher, I added more. Now I’m holding 80% of my original size.
Don’t you love that nice green bar with a long tail?
While there are no substantial news to back up the strong rally, I do not fight the force that feeds the rally. If price does not drop as I’ve predicted, I’ll go back for the ride up. The key here is to follow the price action and to watch for correction. The second key is to find out if the correction is truly a correction or a change in trend. You will never know until price action confirms later. Thus, you will need all the technical tools to help you test the water. And in $GALE case, the bounce off the 5 MA and the opening range were my “tools” to help me decide. So far, it worked for me since I’m in the money at market close with my re-entered position.
Next, I decided it was time to get back on $WG. I bought $WG not long ago and but bailed out with some profit before the 2nd quarter earnings report and missed the nice run afterward. Seeing that the recent 3rd quarter earnings resulted in a sell-off, I took the opportunity to buy back to join the resurgence of the oil service sector.
$WG closed strong and I like the fact that it closed above the 79 & 89 MA lines. I was correct to add more when price took out the opening range and prior days high. Now, I like to see price takes out the 15 MA line next week. I believe this $WG bounce has only just begun.
I was disappointed to see $KGJI after-hour rally was stillborn at the open. Although there was brief rally when the morning conference came out in transcript, it was immediately sold back down to neutral. I did not sell ’cause I wanted to wait to see if there will be a positive effect from the road-show next week.
Meanwhile, $KNDI was doing great. It fought a tough battle to climb back to close above $7 after being pushed down several times during the day.
I like the fact that the daily 5 MA line has crossed over the 15 MA line.while both 79 & 89 MA lines are still heading up.
$PXD also fought a good battle to come back to close near yesterday close.
As far as I’m concerned, the upward bounce is still intact. Now, I like to see the daily 15 MA taking out next week.
$LRAD also fought to close even for the day.
Yeap, the bounce is still good. I like the fact that the daily 5 MA has crossed the 15 MA today.
$CERS was also able to close above the daily 5 MA and the 89 XMA.
I can see a bottom forming here.
Although $PXD and my small $AUDC position were down slightly today, my portfolio gained due to upticks from $KNDI, $WG, and $GALE.
LRAD, PXD, KNDI, CERS, GALE, KGJI, WG, AMRN, AUDC, and 2% cash.
My 2 cents.
Categories: Daily trading Journal