The SPY took a tumble after reaching new high but then bounced back to close higher for the week.
From the chart, it all looks good. Today was a pause day with a bias to the upside.
$KNDI took out the $17 resistance and made new high.
Although price closed below $17, it opened the door for further $17.xx. In other words, The resistance was one layer weakened.
Regardless, $KNDI closed strong for the week.
See how high the volume was for the week? While some may focus on how many cars $KNDI might have sold so far, I don’t think this is what drive the price up, I think it is the “potential” of multiple cities adoption of $KNDI car-sharing (vending machine style) programs that will drive the price. Come March earnings, I believe people will look for the clue on number of cities signing on in the program. Just take a look at some of the biotech such as $CLDX and $ISIS, look at their market cap compared to the revenues.
$LRAD looked good so far.
Despite a rough day fighting off sellers, it ended the day neutral. Now, $LRAD just needs to take out the resistance @ $2.24 to move higher.
$MZOR closed higher a bit but did took out the upper range of the consolidation during the day.
I believe $MZOR will continue to climb from here since the recent earnings result was all good on the revenues increase. I see more and more surgeons and hospitals adopting this robotic device to provide better efficiency and accuracy in spinal and brain surgery.
$SEED bounced higher but gave back all gain before closing.
The good news is that price still stays above support for now. I believe traders and investors alike will buy the support for the next leg up.
$SVA was a bit disappointing ’cause price closed negative after breaking out of the consolidating range.
Nevertheless, price is now settling right on the convergence of the 5 and 15 MA lines. Sometimes, this is a good support here. Let’s see if price will bounce next week.
$KGJI continued to head south below resistance.
Although I’m taking heat, it was small heat. But still, it was money tied up unproductively. It hasn’t really gone anywhere even when $NUGT went higher. I guess I just have to wait for the next $KGJI earnings report to see any big move here- up or down. I’m voting for up, of course.
Due to a mixed batch of ups and downs on my six stocks in my port, I ended up with a neutral day. But my port had a strong week that ended in a new high.
KNDI, LRAD, MZOR, SEED, KGJI, SVA and 5% cash.
From my other account:
$FITX collapse after breaking down below $0.08 that caused panic selling.
My only thought at that instant was “why didn’t I wait a few more days before adding?”. See how the daily bar closed with a hammer candlestick? This can mean a “possible” bottom. But price needs to close above today high next week to confirm the bottom.
Oh well, by sticking to my discipline of not averaging down, I stay put. When I said I was done buying yesterday it meant that I was done scaling in. Anything purchase after that against a downdraft is considered averaging down. Thus, I did not buy more today. Still long and strong and I believe the facility will be completed and the permit will be granted by Health Canada. Yeap, that is my conviction, right or wrong.
My 2 cents.
Categories: Daily trading Journal