The market was down again, up and down, up and down like a yoyo; however, it was bouncing around the support (blue line) which was a good sign for now.
While the DOW closed below the recent low (two days ago), the SP500 actually closed above the recent low. Let’s see if price can bounce off the support coming week.
With market down, I sold $XONE to take small losses and reduced risk. Seeing $GALE was struggling in the morning, I also sold to reduce exposure in the down market. While I was selling, I also reduced my position on $SEED which was over-weighted in my portfolio.
While witnessing the downturn of the market, I was quite impressed with how $AMRN was holding its price range in the $1.7x area. I was expecting it to collapse below $1.60 with the FDA rejecting the appeal to reinstate SPA for label expansion of Vascepa. Seeing price was holding strong, I decided to buy back in with some position to see where it will go.
While $KNDI opened badly, price was able to bounce back to recover before close.
Look like price closed a bit more inside the consolidation range.
$LRAD was able to hold its gain from Thursday up day which contributed mainly to my portfolio in not giving back too much gain from Thursday recovery..
LRAD, KNDI, KGJI, SEED, CERS, AMRN, TINY and 12% cash.
$PHOT had an up day and next week will be critical since shareholder meeting to approve the new authorized shares will be happen by the end of the week.
Can price breakout from the resistance of $0.32 and rally higher or will be fall back from resistance? We will find out soon.
Categories: Daily trading Journal