Market kicked the bear down the stairway and continued on higher…
For now, the bull have the rest of the week to figure out how to take out the resistance that’s been stopping its advance.
Meanwhile, six of my seven stocks went up today. $HYGS was fantastic in the day but gave back all gain by closing bell.
$AMRN led the gain with a nice bounce on the chart.
If this bounce takes hold and begin a new trend up, it will be the 3rd wave of the Elliott Wave theory. And the 3rd wave is usually the longest wave of the 5 waves pattern. I expect this 3rd wave will exceed the Jan high of $2.75. If FDA changes its heart and approves the label expansion of Vascepa, then this will be one of the longest 3 waves in the history of stock charts.
$STV continued to inch higher.
So far, it is trading in the middle of the consolidation range. Did you notice that the 5 MA is about the cross-over the 15 MA line?
$KGJI bounced well today.
Price is now over the 79 MA line. I see somebodies are finally taking notice that $KGJI is an undervalued “gold nugget” that is waiting to be appreciated.
$DMRC bounced nicely during the day but gave back gain by closing bell. All the weak hands practically left the party before the earnings update tomorrow. I’m still holding my ticket to the party and is looking forward to have a happy time. Let’s see if that is the case tomorrow.
Yesterday, i mentioned that the thought of holding $KNDI thru the drawdown was a better deal than my current $DMRC dilemma. However, looking at the math, it really wasn’t. To hold $KNDI from $18.5x (from where I took profit) to under $11.00 would involve sitting thru a drawdown of 42% from $18.50 and 52% from the high of $22.4. Meanwhile, I’m only sitting on a 23% drawdown on my $DMRC position. That number will change for better or worse after tomorrow update. It is only from the hindsight of $KNDI recent rally that it “looked” better. Well, all these number crunching were just to put my perspective back in place.
Thanks for $AMRN leading the gain, my port gained back 1.2% for the day. YTD losses is now at 3%.
LRAD, DMRC, HYGS, STV, KGJI, ORBC, AMRN (100% invested/speculated)
From my other account:
Still waiting for Health Canada response while $FITX position is taking in water…
My 2 cents.
Categories: Daily trading Journal