Market broke out of the consolidation range and headed higher.
This definitely looked good for the rest of the week. The next resistance is the previous high established in March 21st which when you think about it is not that long ago. How price reacts to the old high will be telling…
$KNDI opened lower due to Cramer’s warning of “sell, sell, sell…”
Regardless of whether Cramer is right or wrong on his analysis of $KNDI, the last thing I wanted to do is to stand against his selling recommendation. Thus, I sold in the morning not long after the open to cut my losses. Although if I waited a bit longer, I could sell at close to breakeven; but one would never know if price would continue on a big waterfall or bounce, so it’s pointless to regret any action of cutting losses.
Next, with the free-cash made available from the three-day settlement, I added to $SVA, $SEED, and $AMRN.
$AMRN spiked up due to news of a co-promotion agreement with Kowa Pharmaceuticals America, Inc. Hey, at this point, any co-working relationship with any pharmaceuticals is a plus. Thus I added more.
Notice price opened higher and closed around the same area. I like to see price takes out the previous high of $1.97 and then $2.00 from there. Perhaps, just perhaps, I may be able to recover my previous losses on $AMRN; however, I’m not holding my breath for this.
$SEED took out yesterday high and I added more; but price closed below yesterday high. I’m still holding my added shares.
$SVA opened higher and I added more as well.
Chart looked good so far with today price closed higher than the 5 MA line. I like to see price takes out last Friday high.
Meanwhile, $CARA continued upward and put my position back in positive territory.
$CARA next resistance is the last pivot high of $20.40 established on 03/19/2014.
Despite a down day on $SVBL, my port continued to move up another notch thanks to $CARA, $AMRN, and $SVA.
LRAD, SVBL, CARA, SEED, AMRN, SVA and 27% cash.
From my other account:
While $FITX ended the day slightly negative, $MCIG had a good bounce day.
I like the fact that price $MCIG price closed higher than the highs of the last five trading days. Looking good so far.
My 2 cents.
Categories: Daily trading Journal