Market continued to move higher today. One more day of convincing nonbelievers that X’mas rally is for real.
But in my case, my portfolio had a Santa and a nonbeliever working together today; one cancelled the other.
$LRAD, $KGJI, and $AMRN (nonbelievers) corrected but thanks to $INO, $XONE, and $KNDI (Santa), my portfolio was practically unchanged.
$KGJI gave back a chunk of gain from Friday but at low volume; thus, this one still had a lot of nonbelievers to work off.
Notice that price landed right on the 89 XMA line. I like to see price bounces back up tomorrow. Since $KGJI is a fairly large position, the give back is substantial.
Fortunately, $XONE bounced hard today.
Notice how price action took out the previous pivot-high from Dec 4th at $57.65. This is a very bullish bounce.
$INO also had a strong breakout today.
Notice how price action took out TWO resistance lines today- one from Nov 25th at $2.24 and $2.38 from Oct 8th.
Although $KNDI was up today, it was still struggling to stay above the downtrend line.
Price still stays above the 15 MA line and the 79 & 89 are still pointing up; so the overall trend is still up.
$AMRN was down today but this was to be expected after a big 25% up day from last Friday.
Price is still above the Friday low which I see at a positive sign.
Meanwhile, $CERS continued to march ahead.
Price is now closing above all MA lines.
$LRAD correction today confirms that it is now in a consolidation phase b/w $2 and $1.8x waiting for news to bounce.
Any big order news from China will drive this one up over $2 very quickly. Meanwhile, patience is required.
$GALE is also consolidating in a tight range b/w $4.20. and $3.85.
Notice how the 5 MA line is beginning to turn up. Let’s see if there is a bounce this week before the year end.
Since I believe in $TINY to be relevant only in 2014, it is still worthy of mentioning here.
Based on the weekly chart,above, today bounce may signify a bottom here at around $3.00.
While my portfolio is at breakeven point today, the underlying strength is strong in my opinion. Thus, I’m looking forward to the weeks ahead.
LRAD, KNDI, KGJI, CERS, INO, XONE, GALE, AMRN, TINY (fully speculated)
My 2 cents.
Categories: Daily trading Journal