04-24-2014 Trading Journal

The market struggled all day to maintain above water and it did but barely.

SPY_Daily

From the chart, while it was still a red bar due to a higher open, you can’t help but think it is quite bullish.

With market gapped higher on the $SPY, I was thinking of closing out my $TZA at the open.  I even placed a market sell order before the open.  Then I remember how $TZA had bounced right back up last several times when it opened lower.  So in about a minute before market opened, I cancelled the market sell order and placed a stop below the after hour intraday low to give $TZA some room to bounce.

And bounced it did.  As $TZA broke out of the intraday high, I added more. When it broke out of the opening range, I added again.  However, when price couldn’t hang on to the upper band of the opening range and started to fall off, I closed my positions to lock in some gain.  Since I’d seen my $TZA gain evaporated into thin air the last few times, I learned my lesson well.

I also placed a breakeven stop on $NUGT before market opened and was stopped out not too long later in the morning.

$DMRC did not stayed at the after hour low after open but instead traded only about 5% below initially.  Then price began to bounce and reduced the losses even more.  I started to add more shares by taking small bites at a times.  While price eventually gave back the gain from the bounce and ended the day down about 6%, I’m not worried anymore.

After reading the earnings call from yesterday, my belief in the company has gone up and I’m fully prepared to handle the coming drawdown against my $DMRC position.  With a small float and outstanding share of a little over 7 millions, this is not the stock to trade in and out.  This is one stock where I’ve to dig in my heel and hold it until the flower bloom.  Thus, it is now standing side-by-side with $LRAD as a long-term hold. Both have low liquidity.  Giving my aggressive purchase of $DMRC, it is now my largest position in my port with $LRAD coming in at 2nd place.

I’ve noticed that after I sold $AMRN yesterday, price was holding very strong.  Thus, I decided to buy back some shares for the hold.  I may add more tomorrow when fund becomes available.

$APRI chart looked good and news today gave me confident to buy back a position.

APRI_daily

Notice that price is now above the 79 & 89 MA lines.  It is still well above the mid-point of the long green bar from April 16th.  A long green bar with high volume has a high probability of defining a bottom.  If price goes up tomorrow, I may add more if fund becomes available.

Due to drawdown from both of my two largest position ($DMRC and $LRAD), my port is down 2%.  YTD gain is now 9%.

Current holdings:

DMRC, LRAD, SVBL, SEED, AMRN, APRI and 33% cash.

From my other account:

$FITX continued to slide back down a bit more after hitting resistance yesterday.

FITX_daily

At this point, I’m not worried about the day-to-day price action.  There is nothing to do but to wait for the Health Canada approval of the license.

My 2 cents.



Categories: Daily trading Journal

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