Up Up and Away!
Yeap, that was what the market did today. When you look back to the beginning of May, you may realize that “sell in May and walk away” doesn’t apply for 2014 as well. Ok, I may jump the gun a bit since there are still four trading days left for the month; however, the market will have to fall hard the next four days to prove the “sell in May” theorem. I can’t say the odd is against a falling market since the $SPY is now touching the upper band of the Bollinger band; but the after hour SP500 being up 6.95 currently tells me the bull is firmly in charge right now.
I bought $DNN today ’cause I was looking for a bounce.
The 5 MA line is hooking back up and the momentum indicators below also tell me that price may be about to bounce. I’ve my mental stop below the low of $1.14.
$DMRC took a small pause after yesterday bounce.
Price is now resting at the 79 MA line which is also a good support. If price takes off from here, it will be a breakout of the downtrend line from the recent symmetrical triangle.
$KGJI continued to correct a bit but the fall is decelerating.
The “almost” doji looking bar is a small range bar and it may be a potential bottom from here. Notice that the low of the day landed right on the 61.8% Fib retracement from recent low to recent high.
$AMRN looked good today with a nice bounce.
However, price needs to climb back above the resistance at $1.36 first. Let’s see if this can happen this week; $AMRN will need a strong script number from last week to make it happen.
$LRAD bounced off the 15 MA line and closed back above the 89 XMA line.
I say it looks good from here.
Due to small corrections from multiple positions, my port dropped 0.66% today and YTD gain is now 5.7%
LRAD, DMRC, SVBL, KGJI, SEED, AMRN, DNN, FSLR, CLDX and 4% cash.
From my other account:
I got cold feet and decided to sell all my $FITX after the morning bounce. While $FITX is definitely laying down ground work for a strong future ahead with high caliber directors; there is still an unknown “waiting period” for the Health Canada licensing approval. The longer we don’t hear anything about the HC, the harder it is to support current price and market cap. Thus, I’m foregoing possible run from here to play safe with my cash. I’m looking to buy back $FITX at lower price if possible to reduce my risk exposure.
My 2 cents.
Categories: Daily trading Journal