Despite the DOW being up 28%, I considered it a neutral day since the SP500 closed slightly lower.
Today was a small correction day for my portfolio and was also the first change I made to my mixed bag of stocks.
Price action on the 5m chart on the $INO was acting very skittish in a downward fashion.
Immediately, my attention zeroed onto the chart and my trading sense told me to get out quickly when price took out the low of the last three days. I could sense a waterfall price action was about to happen so I sold. Even though I like this stock for its possible multi-baggers potential, I’m keenly aware, from experience trading $INO, that once the upward momentum of the price action is stalled, price can drop pretty fast.
After I sold, price continued to head lower to the 15 MA line and bounced off from it. I would look for a possible buy back when price find support at the 79 & 89 MA lines.
With the available cash free-up from sales of $INO, I added to $XONE and $AMRN to round up my position size and moved the rest to $NUGT. I was expecting price action to take out the resistance of $31.44 and breakout to the upside.
It didn’t happen today; so I’m going to see if it will happen next week. If not, I will have to cut my losses and wait for $INO to find support before jumping back in.
$XONE was doing fantastic today.
It finally broke out to the upside by taking out resistance from previous high of $64.70 established back in November 2013. Today break-out is just the beginning of an upward momentum for the rest of the year is what I think it is.
$KGJI continues to bounce up from the 79 & 89 MA lines which tell me next week may be a rally week.
Price is now a short walk to break out of the downtrend line.
$CERS also broke out of the downtrend line.
I can see more rally ahead next week from here.
$LRAD was disappointing today since price took out the lower band of the consolidation to the downside.
Let’s see if price can bounce off the blue support line next week.
$KNDI had a healthy correction that didn’t take away too much gain from early this week.
Just from the look of the chart, I can see more rally next week.
Since both $LRAD and $KNDI are the two largest position in the portfolio, their correction can drag my portfolio down quite a bit. But thanks to rallies from $CERS, $XONE, and $KGJI, my loss today was not that bad at all. Even with today minor correction, this week was a great week for my portfolio.
KNDI, LRAD, KGJI, XONE, CERS, GALE, AMRN, NUGT, TINY (fully speculated).
From my other account:
$PHOT had a strong opening this morning and I was very tempted to lock in profit when price hit the high of $0.25. But then I’ve to remind myself that this is a long-term play and I’ll need to hold this for at least twelve months to capture the long-term capital gain tax rate. I like to see more States join Colorado in legalizing recreational pot. If this can happen, $PHOT will continue to head higher thru out the year in anticipation of more States coming on board.
Today, we have a long-tail (both sides) doji bar. Let’s see which way price will go next week.
My 2 cents.
Categories: Daily trading Journal