The market popped back up like a basketball slipping out of a bear hand from under the water.
And the bear thought they had the bull under submission.
Along with the general market, four out of my five positions bounced as well.
I was corrected to buy ahead of the cup & handle breakout of $IBIO. As I read up more on the science behind $IBIO and the fundamental development of its business model, I like it so much that I started to increase my position through out the day. By the time I was done, I’ve doubled my original position. And as luck would have it, price started to climb above my entry point and broke out of the cup & handle pattern to the upside.
The good news is that price was able to close above the breakout point. I don’t know if we will have news coming out but I can see that the technology and science behind $IBIO is beginning to mature into functional use. And with the potential behind it, the microcap status ($45 million only!) of this company put $IBIO in a massive undervalued situation. This may turn out to be much better than $AMRN in term of potential return on my money. We will see.
To make this a quick journal, suffice to say that $LRAD, $DMRC, and $ORBC all bounced nicely. Oh, I forgot to mention that the news of the successful operation of the newly launched satellites failed to move $ORBC higher yesterday. This might have to do with the Nasdaq melt-down yesterday. I believe price will begin a slow climb from here. Thus, I added a tag more today.
$HYGS was disappointing but my position was already pared down to 20% of my original size so the drawdown wasn’t so bad.
Thanks to $IBIO and three of my stocks, my port gained back 2.5% today with YTD gain at 5.8%.
LRAD, DMRC, ORBC, IBIO, HYGS, and 4% cash.
My 2 cents.
Categories: Daily trading Journal