As luck would have it, the support (blue line) and the 50% retracement worked flawlessly today.
See how price bounced right off the 50% retracement? Not bad, eh? Now,let’s see if this bounce has leg…
The only action I took today was to buy $FULL. I found out the day before that this is one of the very few Nasdaq listed stocks that deals with the legalized cannabis industry. Knowing that this coming tsunami of demand as more States opt for legalized recreational cannabis to capture the taxes revenues, any company that associates itself with legalized cannabis is going to do very well as long as the management teams are top notch.
Therefore, I bought $FULL in my main account just so I’ve some cannabis related stock on board. Unfortunately, price could not hold the gain and fell back to even for the day. While I like to hold this one long term, I’ll be mindful of the price action to protect myself.
$LRAD and $KNDI, two of my biggest positions, were bouncing nicely today. This effectively helped my portfolio recovered somewhat from yesterday draw-down.
I”m glad to see $AMRN and $GOGO rallied in good form today as well.
Forgot to mention yesterday that I was very lucky to have gotten out of $GALE last Friday to reduce risk. Yesterday drop was a massacre. I’m going to sit on the sideline on this one so as not to give back any profit I made before.
LRAD, KNDI, KGJI, SEED, FULL, AMRN, ATOS, TINY, CERS, GOGO, INO (fully speculated).
One more thing, $PHOT was doing Fantastic today!
I believe that once the shareholder meeting is over and the vote for increased authorized shares is approved, price will make new high next week.
My 2 cents.
Categories: Daily trading Journal