Market continued the bounce from last Friday.
Even though the DOW was up slightly, the S&P500 looked pretty good on the chart. Price is now near the top band of the consolidation range.
$AMRN made new low and I saw no reason to hang around holding my position anymore.
The new low was disappointing ’cause I didn’t think it could go that much lower. Oh well, I took my “new” losses and moving on.
Later on, I noticed that $CCJ was trading near a low that has strong support going all the way eight months.
I bought a starter position to test the water with a hard stop below recent low.
I’m also seeing the same strong support in the $14 range for $CARA.
Did you see how price traded near the $13-$14 range that goes back to February? I also bought a starter position for the bounce.
$LRAD continued to excel by taking out the upper band of the consolidation range.
By doing so, it also took out the 79 MA line. Let’s see if this one can take off from here in a big way.
Thanks to gain from $LRAD & $SVBL, it was enough to offset the losses from $DMRC, $KGJI, $SEED & $AMRN to keep my port at breakeven.
LRAD, DMRC, SVBL, KGJI, SEED, CCJ, CARA and 16% cash.
From ,my other account:
$FITX opened down and I immediately unload my positions pieces by pieces. When I looked back at it, I scratched my head on why I even bought it back last Friday for the bounce. I sold it last week ’cause I felt the price would have a hard time going up due to $FITX having to apply for zoning permission to increase the size of the production facility. And yet, on the next day, I completely forgot the reason for it and bought back for the bounce. Today, I paid the price for forgetting… Oh well, moving on.
My 2 cents.
Categories: Daily trading Journal