The Dow Jones Industrials closed at historical high while the SP500 closed below but still bullish nevertheless.
Meanwhile, I had three stocks that recovered strongly that helped my portfolio bounced solidly today.
$AMRN bounced 25.79% higher, $KGJI 15.38%, and; $CERS 4.97% higher. With the exception of $GALE, the rest bounced slightly.
Fate had it that $NUGT stopped me out yesterday that prompted me to look at $AMRN; otherwise, I would be watching $AMRN bounce with pain in my heart since I had sat in this one for years with every ounce of conviction that I could muster. I’m curious if we are seeing the bottom of $AMRN here. While the FDA is merely delaying the decision that was due today; it opens the possibility that it may consider giving $AMRN some rope for its Vascepa label expansion. At this stage, any rope, even for an inch, will open the door for $AMRN to recover from its current situation.
While today bar chart didn’t close above the last resistance at $2.07, it is not that far off from it. Let’s see if there are enough believer going forward to buy the price back up to the Jan 15 decision day.
$KGJI strong green bar coupled with high volume and turning up of the momentum indicators all points to a future rally here.
Notice that today price action closed above all the MA lines.
The weekly bar above is even more bullish. See how price closed above the 89 XMA as well as the 5 and 15 MA lines? From the weekly chart, this speaks much louder than the daily chart. The bounce is in and $KGJI is heading higher from here.
$CERS is definitely bouncing away from the support line at $5.7x.
One look at the chart and you can expect to see the bounce will continue on. Both momentum indicators are turning up with high volume.
Since $KGJI and $CERS are my third and fourth largest position in the portfolio with $AMRN being 50% in size relatively, I expect any strong rally from here for these three stocks will carry my portfolio to higher ground. Not to mention that the rest of my stocks all have the potential to do the same in 2014 and beyond.
LRAD, KNDI, KGJI, CERS, XONE, INO, GALE, AMRN, TINY (fully speculated).
Btw, giving the Dow Jones Industrials is making new historical high today, I congratulate everyone who is loaded on equity. For those who is still waiting on the sideline, you know that price inflation will eventually wipe you out despite the government stance that there is no inflation. The stock market is a major source of protection against inflation in a growing economic environment. In other words, you are never safe in heavy cash position while the market continues to head higher. The universe is always expanding, so is the market.
My 2 cents.
Categories: Daily trading Journal