Market opened higher and then dropped like a rock.
Notice that price is still inside the consolidation range; therefore, it is too early to call it a bearish market. However, if it takes out the lower range, then the next supports are the 79 & 89 MA lines. If that is taken out, then the next support is the Feb. low. If that is taken out, then the bull may be over. So there you have it, there are three “if” before we can worry about the bear market.
I bought $CERS, $GALE and added to $KGJI today; the first two were a mistake ’cause the market tanked afterward and I didn’t get out sooner. $KGJI was a good addition since price held strong and even took out the $1.85 resistance briefly. Volume was high today so it could mean more rally later on.
See how price closed directly at $1.85 with high volume whereas it couldn’t even close near $1.85 in the past. I believe investors are finally realizing how undervalued $KGJI is.
Yes, I regretted selling $TINY after I bought giving that price had gone up due to an article from SeekingAlpha.
I’m not sure if I want to chase this one here. I’ll have to wait and see. All I can say is I miscalculated yesterday by focusing only on the D-Wave quantum computer. Oh well…
$SEED corrected along with the general market.
But price still closed above the support line. In fact, it is sitting right at the 15 MA line as well. Let’s see it bounces tomorrow.
$MZOR continued to impress by fighting off bear attack.
Look at the bounce back! The longer the consolidation, the more powerful is the breakout. I expect the breakout is to the upside of course.
$CARA continued to correct.
Notice price is now sitting on the 15 MA support line as well as the 38.2% fib retracement line. If it bounces tomorrow, I may add more.
$LRAD dropped out of the consolidation range but managed to climb back up to close as even.
Oh well, let’s see if it can bounce tomorrow.
Thanks to $CARA drop, my port dropped another notch down. While I’m now below the milestone target, it is definitely within sight; so it is a matter of time before I get back up there and beyond.
LRAD, SEED, MZOR, KGJI, CARA and 28% cash.
From my other account:
Relatively speaking, I must say I’m impressed with $FITX performance today even though it didn’t go up.
The fact that it stayed even without going further down today despite a down market was very bullish to me. It looks like it may bounce tomorrow and beyond.
My 2 cents.
Categories: Daily trading Journal