The market continued to rally and is now coming near the previous high established in early January. This could be a resistance to watch out for.
If price takes out this resistance, the bull trend is still on (the blue line near the $185.00. Where price will go after seeing $185.00 will determine which direction market will go b/w now and March (up, down, or consolidation).
$LRAD took home the bacon today by bouncing nicely.
Notice how price had gone ahead and away from the consolidation range. It looks like some motivated sellers had completed their task after earning announcement and buyers are coming back Let’s see if price can take out the previous high of $2.24.
$CERS also continued to move up without giving back gain.
Price could become resilient against downdraft as the timetable comes near the FDA decision in early 2014. I am holding this one thru the FDA decision ’cause I’ve strong conviction on this stock. Please remember I had the same conviction on $AMRN and that didn’t do me any good. On the other hand, conviction has nothing to do with being right or wrong; it has everything to do with your ability to “take the risk” for a potential reward.
Most of the other positions were either neutral or going thru minor corrections; but because of the gain from $LRAD and $CERS, my port continued to advance further to recover most of my early 2014 gain.
KNDI, LRAD, CERS, SEED, KGJI, HALO, TINY, APRI (fully speculated).
From my other account:
$FITX, unfortunately, did not advance together with its peer on the positive news that the Fed is allowing some leeway for the banking system to work with legalized marijuana businesses. I noticed there were quite a few bashers trying to create doubt regarding the prospect of $FITX getting approval for the Canadian production facility. Mark my words, $FITX is a HIGHLY speculative stock that can either bring you a lot of money or take away your speculative investment. At this point, with limited information such as SEC filings and period of uncertainty from having to wait for the build-out of the production facility as well as the final approval from the Canadian Gov’t to give Cen Biotech the go-ahead to start production, the next few months will be a volatile time to hold this stock. I’m still not done buying with the gain I made from $PHOT. I may continue to buy if price continue to dip with gain from $PHOT. Thus, if $FITX does not fulfill its plan to complete the construction and getting necessary permit, I will only give back my gain from $PHOT.
In summary, at this point, my ability to hold $FITX is based on “faith” that $FITX is a real deal and that the marijuana market has only just begun their ascent to the legitimate businesses with huge opportunity to make money from the ground floor.
Back to the daily chart:
Price is now hovering around the congruence of several technical supports: support from the last three trading days (blue line), Fib 23.6% retracement from historically low to recent high, and 38.2% retracement from recent low to recent high. Does that mean this congruence will hold? Nope. It only means there is a possibility buyers will be there to buy the stock when price reach that level. But that doesn’t tell you how many sellers are waiting to sell. The battle b/w the bull and the bear continues.
My 2 cents.