Although the market was slightly negative, I considered it a neutral day.
The chart shows a small doji bar. Since this doji is not sitting on a new high, I don’t see it as a potential island top doji reversal. I see it as a possible pause before continuing on with the ongoing trend.
At this stage, I believe my basket of hi-beta stocks have settled into my port with not much trading activities going on. Thus, my trading journal will be focused on analyzing the charts of current positions.
One position stood out today was the bounce of $AMRN.
Price finally broke through the resistance of $1.74 from May 2nd. Unlike last Thursday where price broke thru the resistance but ended the day down; this time, price actually closed above the resistance line. On top of that, price closed well above the 79 & 89 MA lines. From here on, I see $2 the next resistance.
Giving recent scientific news regarding high triglycerides and cardiovascular disease, I can only see a continuing bullish trend for $AMRN. I also believe recent marketing campaign that utilized the screen personality of Rick Harrison from Pawn Stars will bring more awareness to the mass who otherwise do not even know Vascepa exists. Now, they are going to call their doctors to inquire about this prescription grade fish oil that doesn’t increase your bad cholesterol LDL. Another possibility is that the FDA may reconsider and reinstate the SPA with $AMRN for expanded labeling giving recent scientific studies. If this happens, price will jump and I’m more than ready to welcome it.
The next stock that warrants attention is $BIOS.
Price bounced and hit against resistance at $8.44 from June 11th. Although it gave back some gain, a closer look at the chart reveals that today close is actually higher than all the closes of the last three weeks. This is like the tiger has waken up and is only stretching its leg before getting up. The way I see it, once the resistance of $8.44 is taken out, price is going to run…
Last Friday, I mentioned that $NMRX and $KGJI are on the watchlist.
$KGJI, at the least, bounced enough to touch the lower band of the consolidation range.
Giving today action, it is a relief to see a pause in the downward momentum. Chart looks like there is a potential bounce from here.
$NMRX also closed in a positive note despite price took out Friday low during the day.
With a long-tailed doji, we may be looking at a bounce this week.
Thus, with both watchlist stocks bouncing some today, I didn’t have to take any action.
Despite a down day for $DMRC, my port still gained 0.5% thanks to $AMRN and $BIOS. YTD gain is now 5.7%.
LRAD, DMRC, AMRN, ORBC, KGJI, NMRX, BIOS (100% invested/speculated).
No activities from my other account:
My 2 cents.
Categories: Daily trading Journal