The market simply refused to correct… as much as the bear tried to push it down.
After a brief downward movement that took out yesterday low, the market bounced back up to close even for the day.
Seeing the correction in the morning, I bought a starter position on $TZA with a hard stop below yesterday low. So far, my stop wasn’t triggered and I’m still holding $TZA. Let’s see if this will bounce back up tomorrow.
Despite giving back gain by day close, $TZA still closed higher than yesterday close. From the chart, strong support is at $14.30. It may bounce from here if yesterday low holds.
Continuing with the downward momentum from yesterday in $KGJI, I decided to take advantage of this fall to buy back some of the position I sold last week. I was able to buy back at similar prices I sold before.
Price was able to bounce back up to even by day close. Now that I bought back some shares, I’m again ready for this one to take off.
I noticed that $APRI was bouncing off a symmetrical triangle formation in the daily chart; so I immediately bought back a position.
I was fortunate to buy in before the rally continued higher.
$DMRC also performed nicely today.
Price broke out of the downtrend line and moved higher in strong volume. I like the fact that price closed higher than the high of the last ten days. The most important thing, from my perspective, is that price closed above the 79 & 89 MA lines.
Fundamentally speaking, someone posted a link to an article on Walmart highlights technology at shareholders event
Below is an excerpt from the article:
In another presentation, Cory Gundberg, VP of strategic planning of Walmart Technology, said the retailer has begun including digital watermarks in store circulars, allowing shoppers to use mobile devices to research items as they peruse ads. The company is also looking into using the technology on product packaging, he added.
While the article did not mention Digimarc’s digital watermarks technology or the Digimarc barcode for product packaging, it is up to us to speculate that it may be it.
Today price advance could also be due to positive review at the Food Marketing Institute (FMI) Connect 2014 show today. With a much faster check out time using Digimarc barcode compared to conventional barcode system, the technology is just waiting to be taken.
Thus, I’m going to be sitting on this one for a long time.
Thanks to $DMRC rally and a quick gain on $APRI, my port gained 1% today. YTD gain is now 4.3%.
LRAD, DMRC, KGJI, APRI, AMRN, TZA and 26% cash.
From my other account:
I decided to buy some $TRTC for a bounce. $TRTC was a victim of bear attack from the SeekingAlpha article issued last Friday. Price sank like a rock after the article. I bought today ’cause $TRTC announced that it is going to take legal action. As far as I’m concerned, taking legal action means you can back up your own story and support the libel suit; otherwise, you expose yourself to more attack in the legal system.
Price bounced nicely from the chart. There is strong support at 34 cents. Giving the trend of moving toward legalizing medical marijuana, I need to find a cannabis stock to speculate.on. While $FITX is still waiting for Health Canada to inspect, I like the prospect of $TRTC from here.
My 2 cents.
Categories: Daily trading Journal