The bear finally found the bull weak spot and pushed its advantage. As a result, the market fell hard.
However, price is approaching the 79 & 89 MA support lines. I’m anticipating a bounce from here since it is near the support MAs. As seen from the daily chart above,although today was down big, it is still within the context of the bull market. In other words, the major uptrend line has not been violated yet. If it bounces from here, the bull is still on.
While five of my seven stocks were down, $AMRN rallied hard thanks to Adam Feuerstein, who foresaw the collapse of $AMRN before it actually happened, wrote a somewhat bullish thesis in that $AMRN is a good bet with good risk/reward ratio.. Thus, $AMRN singlehandedly stopped my port from taking a big hit in today market avalanche.
See how price took out the high of $1.78 established in July 1st? This confirmed a more bullish stance ’cause the two previous pivot highs (May 2nd and July 1st) had been taken out. Now, if price can only stay above the $1.78 for the time being while waiting for the FDA decision. In reality, despite my up day on $AMRN, the gain was on borrowed time ’cause if FDA voted no again, down it goes. However, if FDA votes yes, it will make my day as well as my year.
Another stock worth mentioning is $HYGS.
Despite being down more than a buck during the day, it had enough buyers to push it back to close at 46 cents lower. Being a small float stock, it was a strong performance in a down day. If I had spare cash, i will see any price below $22 a good bargain to buy more. I guess I wasn’t the only one thinking this way.
I was surprised to see $STV closed higher for the day.
It did trade lower but it came back to close higher.
I had a strange incident today with my $KGJI cash dividend. I saw the money in my account as promised by previous dividend declaration news from $KGJI. Then I found out later that $KGJI actually was postponing issuing the dividend until August 28th. What’s up with that? Since I already got my dividend in my account, I thought I lucked out with a premature slip. I used the proceed to buy more $AMRN.
Lo and behold, when I looked at the online statement just now, I found that $KGJI actually pulled the cash dividend out of my account! What bug me was that $KGJI had a whole month after announcement of dividend declaration to seek approval from their government, why now? Anyway, I’ve to revisit my conviction in staying with this stock.
If $KGJI had not pulled out the cash dividend, I would have a positive day. Instead, my port suffered a small 0.5% losses thanks to $AMRN for saving the day. YTD losses is now 1.4%.
LRAD, DMRC, HYGS, STV, KGJI, AMRN, ORBC (100% invested/speculated)
From my other account:
I placed a breakeven stop on $KNDI and was promptly stopped out in the morning. Oh well…
My 2 cents.