03-28-2014 Trading Journal

The market bounced hard in the morning but went out of air later in the day.  Nevertheless, it still closed up for the day.

SPY_Daily

You could see that it was a soft bounce. We need to see the market bounces hard next week to stop this bear attack from taking over the trend.  Based on after hour market on a Sunday afternoon, look like we may see a bounce coming.  But then, we all know too well that these bounces must stay firm at the close to consider a good bounce.  How the market closes tomorrow (Monday) may determine the tone for the rest of the week.

What I had done today (Friday) was a mixed bag of satisfaction and disappointment.  More like getting satisfaction in the morning and then being slapped with disappointment.

$KNDI opened higher and I immediately added more to average up.  Price continued to head higher and I added more.  By the time price broke out of the $17 resistance, I added even more.  My profit was immediate and it was looking good.  But then price began to correct below $17.00.  I continued to hold to see if it would bounce back above $17.  It did.  I relaxed a bit.  But the hold above $17 didn’t last.  Before I knew it, price fell back down below $17 and I wanted to see if it would re-bounce later; unfortunately, while I was waiting, price began to collapse like a waterfall and before I knew it, I was no longer in the money but was shown a little red.  Without hesitating too much, I began to liquidate some of my position to decrease risk and exposure.  Price continued to head lower and I decided to just dump the whole position ’cause I didn’t like the way price fell down so quickly from the $17.00.  Thus, from the morning of sitting on a nice profit to the liquidation of my position with a small losses, it was quite a ride.  By day close, price closed a bit below my last exit point.

KNDI_daily

See how price collapsed in mid-day in the 5m chart above?  It was a heady ride.  While I still believe in the fundamental story of $KNDI, I’m being mindful of the overall market correction which if the bear wins, everything will go down regardless of fundamental story.

Next, I bought back $SEED, $AMRN, $CERS, and $MZOR positions.

What?! $CERS again with the $40 million  potential dilution?

Yes, I asked myself the same question… but all I could say was that I couldn’t resist the morning chart pattern which was showing a bounce from a “almost” doji bar the day before.  Due to the fact that I closed out the $CERS position (again!) with another small losses before day close, I guess the “almost” doji bar did not offer a good probability here.

I bought $AMRN ’cause the chart looked like a breakout bounce was about to happen.

AMRN_daily

Thursday bar was a bullish engulfment candlestick bar; therefore, I decided to give this one another roll of a dice.  Thanks to Option Addict’s post about asshole stocks, it brought my attention back to $AMRN which was when I saw the bullish engulfment bar.  By day close, I’m still holding so let’s see if price can bounce next week.

Next I bought some $MZOR back due to a bounce at the open.

MZOR_daily

Since I still like the fundamental story, I was betting on the fact that the Thursday dramatic drop was over-done.  If price takes out the low of Thursday low, I will cut my losses.

$CARA dropped was expected due to earning report from Thursday night; however, I was just glad that the drop was not worse than I anticipated.  I believe $CARA has the potential to rally later in the year simply because the fundamental story has an excellent catalyst to be disruptive in the field of narcotic pain-killer.

CARA_daily

Notice that the price action on the daily chart was stabilizing despite a down day.  If the general market recovers, I can see $CARA bounce higher as well.

Thanks to $LRAD uptake on Friday, my port was at breakeven despite $CARA being down.

Current holdings:

LRAD, SVBL, CARA, SEED, AMRN, MZOR and 32% cash.

From my other account:

Both $FITX and $MCIG charts reflected a small correction; thus, I’m not going to bother with the showing of the charts.  Still holding long and strong.

My 2 cents.



Categories: Daily trading Journal

Tags: , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: