The market had a yoyo day… uip and down and up again.
Thanks goodness it closed on the higher side. Today action meant that the bull hasn’t given up yet. The uptrend is still on and the 79 & 89 MA lines are still trending higher.
Today, I continued to add to $AMRN position due to the fact that Pfizer is in take-over mood. Not that it will buy out $AMRN but it may put other potential buyers in the mood. I’m also thinking that monthly script may start to increase as a result of the partnership with Kowa Pharmaceuticals America Inc.
From the look of the chart, today bounce offsets Friday drop and keep the price above the support established back in late January. Let’s see if price can get back to the $2 area.
I also bought a starter position on $KNDI for the bounce after the collapse at the open. The bounce was good but it didn’t last. I was stopped out for losses since it was meant to be a swing trade instead of a buy and hold.
I also added to $APRI. As long as price did not take out the lower half of the April 16th long green bar, this one has the potential to take out the resistance at $2.6x.
However, from the chart point-of-view, it has mixed signals. Price staying above the 89 xma and the 20 MA line is a good sign but the momentum indicators below all point to possible over-bought. I added more simply because $APRI is finally shipping their products.
I bought back $CERS here ’cause it looked like a formation of a double-bottom here.
From the chart, you can see the current double-bottom support goes all the way back to July of last year. I expect this support to hold. If price bounces from here, I may add more. Earnings is coming out on May 1st and I feel that any bad news is already baked in the downdraft for the last two months. So, the probability of bouncing is good.
$DMRC looked like it wanted to bounce so I added a bit more.
Today price action closed above Friday high which boded well for the bull side.
Despite some gains, losses from $KNDI and $SEED put my port at breakeven for the day.
DMRC, LRAD, SVBL, AMRN, SEED, CERS, APRI and 14% cash.
From my other account:
$FITX continued higher and closed right on the resistance line. It really doesn’t matter where price close these days ’cause the real key here is to get the license approval from Health Canada.
My 2 cents.
Categories: Daily trading Journal