The market continued to bounce some today.
While it was not a big rally like the last two days, it was enough to keep the bull momentum intact.
For some reason, I got the distinct feeling that today the bull was developing into a base. Thus, I began buying back some positions for the long-side going into the long weekend.
I started by adding more $DMRC. Then seeing that $KNDI bounced off the long-term support at $11.00 area two days ago, I “felt” it was the right time to buy back some positions. I’m also stroked by last Monday news that Shanghai is going to launch the public EV car-sharing system pilot project. In a “normal” market day, this news might create a gap-up situation but current bearish climate neutralized the new info as if it was nothing. I see this as an opportunity to buy back some now. Let’s see if $11.00 can hold the support; if not, I may have to cut and run to stop the bleeding.
See how the support extends all the way back to beginning of January?
I also bought back $GWPH which I’d been trying to buy (and stopped out) previously. However, I was sensing a bounce coming so I bought a starter position to see if it bounced this time. It did so far.
Like $KNDI, the support extends all the way to early January as well.
$SEED was also bouncing from yesterday small green bar.
I started buying $SEED after the open to build it back to about 70% of my original size. Price closed above the 79 & 89 MA lines and it looks good.
I like $FSLR here ’cause there is a support that extends back to November of last year.
If the support holds, I may add more. I like $FSLR ’cause it was the only solar stock that did not corrected like all other solar stocks. In fact, while others were sliding down, $FSLR was actually on the up and up.
I added to $DMRC ’cause I saw the possibility of price taking out the resistance from late March.
Price did took out the resistance. Let’s see next week can keep up with the upward momentum.
I also bought $CARA but price didn’t do much; so let’s if it will bounce next week.
Thanks to rallies from $LRAD, $DMRC, $KNDI, $SEED, and $GWPH, my port regained yesterday losses.
LRAD, SVBL, DMRC, KNDI, FSLR, SEED, GWPH, CARA and 35% cash.
From my other account:
$FITX released news that added more weight to its goal of being the largest legit medical cannabis producer.
Due to its positive effect, price rocketed up 20+%. As a result of the news, I added more $FITX as well. Did you see how price bounced off the 79 & 89 MA lines? Magical!
My 2 cents.
Categories: Daily trading Journal