I’m amazed at the resiliency of the bull in the SP500.
While it was slightly down for the day, the bull possessed strength that the bear couldn’t overcome to make the market drop like a stone.
I bought back $AMRN for the bounce when price started to move up from the low of the day.
Price climbed back up to stay green after creating a lower low bar for the day. Let’s see if the momentum will continue tomorrow on the upside.
Next, I bought $INO for the bounce.
Price looked like it was bouncing so I bought despite the fact that $INO will be doing a reverse split by end of the week on a 4 to 1 basis.
I think by doing a reverse split, management cover themselves by setting up a base level for the price to react to the coming Phase 2 result. If Phase 2 result is positive, the high price from the reverse split will allow fund managers to buy immediately to join the bandwagon. And if Phase 2 result is less than expected, price still has a long way before it will drop below $1.00. Thus, I’m betting on the side of positive result.
Due to corrections from $LRAD and $DMRC, the losses more than offset the gains from $BIOS. My port gave back 0.50% today. YTD gain is now 3.5%.
LRAD, DMRC, BIOS, KGJI, SEED, INO, AMRN and 9% cash.
From my other account:
$NVLX is holding well so far.
Price is only a stone throw from breaking out of the downtrend line to head back up.
My 2 cents.
Categories: Daily trading Journal