Market was holding its ground all day at the new high.
While the price movement was in small range, I considered it a great achievement that price did not fall back into the consolidation range. You could almost feel that the market is dipping its toe into the water on the new high territory. Once it gets comfortable, price will have a high probability of continuing the rally from here.
After I read the earnings transcript on $AMRN, I believe that the business of Amarin may begin to grow from here. Thus, I bought in when price was still down from the open.
While price gave back some gain at the close, we still have a bullish engulfment bar that may increase the probability of a bottom.
Seeing that $KNDI was opening higher, I added some more.
Oop! Price could not hold and collapse below $13.00. ’cause I wasn’t watching the stock today, I did not have a chance to get out to cut losses quickly. So I decided to give it a bit more time to bounce. Price currently is still above the 5 & 15 MA lines; but if it breaks down below these two MA support lines, I may bail and cut losses.
I also added a bit more to $CERS since it bounced higher in the morning.
But price closed on the negative at the end. I’ll see where price is heading the next few days before deciding what to do with it.
$SEED spiked up today ’cause another company in China want to buy them out for $2.50.
I’m aiming for $SEED to reject the offer and ask for more. Thus, I placed a good till cancel order to sell my lot at $2.99 just in case. Without any approval from the Chinese gov’t regarding $SEED GM seeds, it is difficult to justify a price of over $3.00.
$KGJI also staged a nice bounce today.
Look at that tall green bar! There is earnings coming out later this week; perhaps, people are expecting another positive quarter. How many positive quarters will it take for investors to finally believe in the legitimacy of $KGJI?
$DDD continued its rally and bump its head against the $51 resistance line.
As you can see, it went over $51 but failed to remain above it. However, it still closed decently. Let’s see it tries again tomorrow.
$DMRC was down earlier but made a nice come back by the close.
See how the tail bounced off the 5 MA line and now closed above the 15 MA line? The most important part is that price is still above the 79 & 89 MA lines which mean the overall trend is still bullish.
Despite falling price from $SVBL and $KNDI, gains from $DMRC, $SEED, $KGJI, and $DDD more than made up the losses and push my port another 1% higher. YTD gain is now 8.6%
DMRC, LRAD, SVBL, SEED, DDD, KNDI, AMRN, KGJI, & CERS (100% invested/speculated)
From my other account:
While $FITX corrected some today, I’m basically still waiting for the Health Canada inspection result. Some people are getting impatience and bailed due to some “alleged” zoning issue. Oh well, this is speculation at its finest.
My 2 cents.
Categories: Daily trading Journal