11-19-2013 Trading Journal

The market (SP500) gapped down a bit and bounced around the opening range before heading lower.

Seeing that price actually tried to climb back up, I decided to do some bargain shopping.

I watched $PXD headed lower after the open.  There were two supports I was watching, the daily 89 XMA and the previous pivot low at $181.78 established on Nov 12th.   The 89 XMA was penetrated not long after the open so I watched to see if it would get to the $181.78 area.  While watching, I placed a limit buy at $182.00.  Price broke below $182 and I got filled.  From this point on, I was ready to get out of the recent add if price continued the waterfall action.  I was expecting a bounce.  It did.  Btw, it so happened that the $181.78 low was right around the S1 Pivot Point calculation @ $182.113.  See the 5m chart below:

PXD_5m

When price bounced off the S1 support, I added another layer to my position.  As price continued higher, I added more at $184.xx.  Then I stopped and let it ride.  Well, as you can see on the chart, it did not continue to rise but began to correct some more.  At this point, I decided to put a hard stop below the intra-day low to cut losses on the three layers I added today.  I wasn’t stopped out at day close..

$WG was disappointing since it failed to hold on to the bounce from the late morning.

wg_5m

When price began to bounce from $9 the 2nd time, I added back the shares I sold yesterday.  Unfortunately, price could not hold and did a waterfall price action.  I figured I would take the heat all the way to the S1 Pivot Point calc @ $8.84; but then I got distracted and found price turned further down below that at closing time.  I will see how price action behave tomorrow before deciding to bail or not.

The reason I bought back $WG I sold yesterday despite my concern was because price action actually bounce off the daily 89 XMA and 5 MA lines.  I was expecting a good bounce.

WG_daily

What I failed to do was to put a hard stop below these two support lines.

When I looked at one of The Fly’s pick, $RBCN looked like it was getting ready to break out of a cup and handle pattern.  The operative word was “potential” since it had not break out of anything yet.

rbcn_daily

I like the fact that price traded around the 79 SMA and the 5 MA lines.  with the 89 XMA and the 15 SMA below the current trading prices.  If price cannot rally the next few days, I may have to consider cutting my losses soon.

I also like another one of The Fly’s pick- $CRTO.  I like the fundamental story behind it:

Criteo SA, together with its subsidiaries, operates as a technology company that enables e-commerce companies to leverage large volumes of granular data to engage and convert their customers. Its solutions include Criteo Engine consisting of prediction algorithms, which predict the probability and nature of a user’s engagement with a given advertisement; recommendation algorithms that create and tailor advertisements to specific user interest through modifying the advertisement’s creative content and presentation, and determining the specific products and services to include in the advertisement; software systems and processes; bidding engine for executing campaigns based on objectives set by the clients; dynamic creative optimization; and experimentation platform, an offline platform to enhance the prediction abilities of its models. The company also offers an integrated technology platform that enables comprehensive campaign management and execution, as well as includes a dashboard and a suite of software and services that automates key campaign processes; and access to advertising inventory. It serves companies in the online retail, classifieds, and travel segments.

From the chart, when price bounced off the daily 5 MA, I began to buy some.

crto_daily

I may just hold this one for long term.

I added back some $KNDI I sold yesterday in the morning and then had to endure the price dropped below $7 all afternoon.  I was just getting tired of buying in and out of this one so I, again, decided to take some heat on this one as well.  Well, guess I was saved in the last minute literally.

kndi_5m

Can you see the last 5 min bar at closing bell.  ZOOM!  Closed above $7 for the day.  Just like that. Whew!

Was I glad I bought back the $AMRN I sold yesterday!  Price continued to head higher for the day.

amrn_5m

Can you imagine what price will do IF FDA decides to offer $AMRN some rope to work with?  Perhaps a limited version of ANCHOR labeling…  Apparently, $AMRN CEO, Joe Z,. had bought 50,777 shares at the open market yesterday.  What does that mean?  Did he know something we don’t?  Well, if market likes it, I like it.

$KGJI was embarrassing today.  Price continued to head south.  What happened to the road show?  Did they get lost in the cities?

KGJI_daily

I’m still holding simply because their fundamental is good and I believe price will eventually catch up. I’ve seen this stock bounced back up very quickly after a down day so I’m not yet worried.

I bought a bit of $GALE back today and may add more tomorrow if price can maintain above $3.00

Despite corrections from $LRAD, $PXD, $KGJI, $WG,$RBCN,and $CRTO, my portfolio was down only slightly thanks to $AMRN.

Current holdings:

LRAD, PXD, KNDI, AMRN, RBCN, CRTO, KGJI, WG, CERS, GALE and 13% cash.

My 2 cents.

 

 



Categories: Daily trading Journal

Tags:

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: