The market finally had a strong up day that did not end up giving back the gain by day close.
However, as seen from the chart, it fell short of taking out the upper range of the consolidation range. Thus, I wouldn’t say we are out of the wood yet. The next few days will be telling.
This morning, I bought starter position on $SVA and $KNDI and sold $MZOR for small losses.
$SVA opened slightly higher and I bought for the bounce.
We have an inside bar today so that if price takes out today high tomorrow, I’ll add more.
$KNDI also opened higher so I bought a starter position as well.
Since I only bought a small starter position, I don’t mind holding even when price was against me at the close. Price bounced slightly today but the possible of a V-shape bounce is still in the card.
Again, I was lucky to dump $MZOR before the collapse later in the day.
At first, price opened higher and I was glad. However, when price began to drop and did not bounce despite the DOW was going higher, I had a bad feeling so I sold my positions by hitting the bids that were available. I was able to unload a bit above $21.00 for small losses. Later, the price dropped as low as $19.53 before bouncing back some. “Cut your losses” fast always save my day.
The highlight of the day was $CARA which gave me a nice 12.65% up day.
I like the bullish engulfment bar today with higher than average volume. Usually, a big bullish engulfment bar can kick start a rally; so let’s see how it goes this week.
$SVBL did not do so well today.
It dropped below the range of the last seven days. Since I’m committed to this one for the long haul. I’m going to have to take the heat on this one.
$SEED was also bouncing.
I like the fact the price is now trading above the 79 & 89 MA lines.
$AMRN closed lower today but the volume was relatively low compared to last week; so I decided to continue to hold.
Overall, despite losses from $SVBL and $AMRN, gains on $CARA, $SEED, $LRAD and $SVA more than offset the losses and put my port back up a notch.
LRAD, SVBL, CARA, SEED, AMRN, KNDI, SVA and 32% cash.
From my other account:
Both $FITX and $MCIG bounced only a bit so I won’t bother to show charts.
My 2 cents.
Categories: Daily trading Journal