Market corrected a bit today which was to be expected.
It was a soft correction so to speak.
$AMRN opened higher and I used the remaining cash to add more.
While price fell back down below the two 79 & 89 MA lines, it was still above the two 5 & 15 MA lines. In another words, the bull run is not over yet. Sometimes, breaking thru the tough 79 & 89 MA lines will require several attempts; perhaps, it will break out next week.
Now, I’m all set with $AMRN. The key element is for me to have enough conviction to hold on to this one thru volatility. I had been gun shy with this one since my large losses from the FDA fiasco. However, my sentiment has shifted more to positive outlook giving recent positive scientists’ outlook on lower triglycerides: thus, my conviction has begun to strengthen with my regard to $AMRN. If price can recover back to $7, I’ll be more than recovering previous losses. The magnitude of $AMRN future gain cannot be underestimated if their Reduce-It trial turns out be be hugely successful. And the odd of success increases exponentially from the recent scientists’ article. Not to mention that the previous Jelis’ trial result had already proven the thesis. I’m betting that the FDA will eventually lessen its resolve to keep its foot on $AMRN head against the ground.
Like a balloon leaking air, $LRAD gave back much of the gain from yesterday.
All is not lost, price still closed above the consolidation range and is still above the 79 & 89 MA lines.
$DMRC is holding its ground and price is still above previous resistance line.
A careful look will reveal that price is in the verge of breaking out of a bullish flag. I see high probability of an upside move next week.
$KGJI retraced a bit.
But the chart still looks good for a coming bounce. It is forming a solid base here and price is now trading on the upper band of the consolidation range. I just don’t see how a fast growing company can remain undervalued for so long. Something has to give eventually.
Due to $LRAD deflation today, my port gave back 1.4% today. YTD gain is now at 6.1%.
LRAD, DMRC, SWIR, AMRN, KGJI, NMRX, & BIOS (100% invested/speculated).
Giving recent price advances from $LRAD and $DMRC, both position are now neck to neck in investment size with $LRAD gaining a slight advantage.
From my other account:
$TWEED gave some gain from yesterday but chart still looks good for further upside.
Price still closed above the 5 & 15 MA line.
My 2 cents.
Categories: Daily trading Journal