The market started off negative and later recovered some by day close.
Notice that price bounced off the upper range of the consolidation area.
At first, I was going with the market momentum by shorting via $TZA and $FAZ; but both turned out to be non-performing due to lack of market follow-thru with the waterfall action. I got out with small losses.
Due to negative market action in the morning, I took it upon myself to reduce position size on $SEED and $KGJI by 40%. Nothing really happened except that $SEED dropped a bit more below my exit point. I’ll be buying back these shares if momentum is going back to the upside.
$SEED dropped below the support today. There is another support at the 15 MA line at $2.50.
$CARA also dropped at the open and took out last Friday low.
However, I wasn’t concern ’cause I know price can spike back up really fast due to the low float status. Basically I can create a new low if I dump my shares at the market; but I surely will not be able to buy them back at the price I sold for ’cause I will drive the price back up really fast if I try. Thus, I’m not trading this one. Chart looks good for a bounce from here. Price needs to take out today high to confirm a bounce.
$MZOR continued to meander nowhere.
But it was good to see price hang around the upper part of the consolidation range.
$KGJI was following $MZOR playbook.
Price was still having a hard time breaking out $1.85 resistance.
Good to see $LRAD bounced ’cause that means it is staying inside the consolidation area instead of breaking out to the downside.
Price is inside the range and bounced off the 15 MA line.
Due to correction from $SEED and $MZOR, my port dropped another notch. Now, I’m barely above the milestone high.
LRAD, MZOR, CARA, SEED, KGJI and 38% cash.
From my other account:
$FITX appointed Ms. Anndrea Hermann as President of the newly acquired Hemp Technologies company. I googled Anndrea and was pleasantly surprised to find that Anndrea practically dedicated her whole adult live working with hemp. It is an excellent move to have someone with high level of expertise on hemp to take $FITX to the next level in industrial hemp business. Since the Federal law now allows the production of industrial hemp with its recent agricultural bills, I can see $FITX is laying the necessary ground work to become a key player in the hemp and medical cannabis market.
Price came back down a bit after an initial up move. This one will require a lot of patience…
My 2 cents.
Categories: Daily trading Journal