Market couldn’t make up its mind about being a down day today; it tried to go down but last hour rally brought it back to neutral zone.
As you can see, price is still right at the resistance point of previous high. Tomorrow job report will determine the final outcome. A breakout to make new historical high or a breakdown for a possible bear market.
Due to the initial downdraft of the market, I added to $TZA and $FAZ.
As you can see, $TZA had a nice bounce and it served the purpose of hedging my portfolio since $LRAD was in negative territory.
$FAZ didn’t have the same bounce due to the late rally by the close. Thus, my close stop at breakeven was hit and I was stopped out. I chose to put a stop on $FAZ and not on $TZA ’cause I didn’t want to be too over-weighted on short ETF due to the job report tomorrow. I can handle $TZA going against me but not both.
While most of the stock lists on my quote machines were in red, $SEED was showing resiliency in green. Thus, I bought back 25% of my original size for a possible bounce.
I like the fact that the 5 MA line is now pointing up. If price bounces from here, I’ll continue to add.
I’ve wanted to buy $GWPH when I found out about the stock but did not want to chase its high price; thus recent correction had given me the opportunity to buy some today.
Did you see how price formed a near “doji” bar right at the 79 & 89 MA lines? Seeing the support there, I bought a position looking for a bounce.
Thanks to gain on $TZA, I was able to hedge against the downdraft of $LRAD; thus my port was a solid breakeven for the day.
LRAD, TZA, SVBL, GWPH, SEED and 42% cash.
From my other account:
$MCIG took another tumble and the chart did not look good at all.
See how price close below the 79 & 89 MA lines? Despite the poor chart outlook, I’m still holding this one for the fundamental story. $MCIG will be launching the vita-cig in late April and any good feedback on this launch will drive the price up. They are also looking into vaping alcohol. Is it even possible? Well, if people can sniff glue to get high, I guess you can sniff the “alcoholic vapor” to get drunk as well… ok.. not sniff, but to inhale thru the mouth using $MCIG alcohol vapor-stick- same principle whether you inhale thru the nose or the mouth.. I’ve to give $MCIG points for creativity. And if this alcohol idea can gain even a small traction, lo and behold, the sky is the limit. Now, you know why I’m holding this one waiting for the fire-cracker to start cracking…
$FITX remained neutral waiting for the facility to be complete and the approval of license from Health Canada. As far as I’m concerned, $FITX will get the license so I’m still holding.
My 2 cents.
Categories: Daily trading Journal