Market was on defensive all day.
See how price rested on the support? However, with $AAPL after hour rocket launch, we may see a bounce tomorrow in the general market.
Today, I decided to be Rambo and bought $DMRC aggressively into the earnings betting for a positive outlook. After listening to the earnings conference, I’ve to say that things are looking up and up. Unfortunately, due to the “expected” losses, there were a few thousand shares being dumped after hour. Being a super low-float stock, a few thousands shares in the after hour could weave havoc to the price. So far, price was down 16%. Since I like what I heard in the conference call, I’m going to hold this one long-term. I may even buy some more below $30 if I can. I expect to see a rocket launch for this stock later in the year when they sign a large retailer to their Digimarc barcode technology. So, I’m not worried.
When $KNDI went down to low $13.xx after the open, it triggered my mental stop and I got out with a small gain.
$NUGT looked good for a bounce after it took out yesterday high so I bought a position.
After weathered the initial downdraft, price eventually bounced higher the rest of the day. However, there are quite a few resistances ahead, namely the 15, 79 & 89 MA lines.
Seeing that I was aggressively adding $DMRC, I decided to lighten up other positions to make room on the risk department. I sold $AMRN and $CERS at breakeven.
I also bought $TZA for a bounce and got stopped out not long after due to a tight stop. After seeing price bouncing back up from where I was stopped out, I bought back in and set a hard stop below yesterday low. This time, I got traction and was in the money by the close. Nevertheless, seeing that the market is up after hour right now, I probably will have to give back the gain from today.
Due to the correction on $DMRC and $LRAD today, my port dropped 1%. I may give back more % tomorrow if $DMRC cannot recover from today after hour trading action.
LRAD, DMRC, SVBL, SEED, NUGT, TZA and 33% cash.
From my other account:
$FITX continued to surprise when it announced today of appointing a “highly qualified” director with a heavy credential. Somehow, price couldn’t hold above $0.09 cents so it dropped back down to mid $0.08x by the close.
$FITX is currently installing the front gate with sally port as a final step to get the Health Canada approval for a license. We may hear something soon (as in the next two weeks if not sooner).
My 2 cents.
Categories: Daily trading Journal