Market opened higher but slipped on the banana peel once again…
Oop! Market landed on its butt; nevertheless, it was keen enough to land on the 89 MA and the trendlines. As far as I’m concerned, today was a hiccup.
I’d been eyeing $CERS for awhile so I decided to buy when it opened higher. Despite the immediate drawdown after I bought, I believe this stock is finding its bottom.
However, I need to see price trades above the 79 & 89 MA lines and not below it. Let’s see how it fairs this week.
I was surprised to see the strength behind $IBIO and enjoyed the strong rally. However, being mindful of having gave back gains from $HYGS not too long ago, I decided to become more pro-active in watching the intra-day trend. After price reached the high of $0.98, I began to watch the 5 & 15 MA lines in the 5 min. chart. When the 5 crossed below the 15 MA, I started to unload to lock in profit. When I did not see any meaningful bounce after selling 50% of my position, I began to sell more. By the day end, I sold 80% of my original position. Meanwhile, I noticed that $KNDI was rallying hard despite that other stocks were going down. So, I took the opportunity to use the proceed from $IBIO to buy $KNDI when it started to correct a bit from the afternoon rally.
If you ignored the tall candle wick at the top, $IBIO actually had a strong day. But the sell off after reaching $0.98 was too strong for me to ignore; so I took the opportunity to sell when the volume was there for me to hit the bids.
Seeing the strong afternoon rally in $KNDI, I felt the intuition to buy it. The daily chart also looked good for a follow-up bounce.
The combination of the hooking up of 5 MA lines and the two oscillators below also gave me the confidence to buy.
$DMRC tenacity to stay positive all day was impressive.
Notice that the 79 & 89 MA lines are not that far away now.
Unfortunately, $LRAD did not fair well even though it had a great open. However, I’m not worried about this one at all.
All in all, after adding two stocks today ($KNDI and $CERS), there were only two stocks down in my port. Thanks to gains from $DMRC and $IBIO, they were enough to offset the drawdown from $LRAD and $CERS to give my port a nice gain of 0.7% with YTD gain at 4.9%.
LRAD, DMRC, ORBC, KNDI, CERS, IBIO (100% invested/speculated)
My 2 cents.
Categories: Daily trading Journal