Not too bad for the 1st trading day of 2015. It was neither a big up day nor a down day. Albeit up slightly, I considered today was a neutral day.
The daily chart above reflected a doji bar. However, from the weekly bar below:
Let’s just say that while the weekly bar was down, it was still above the 5 MA line. Basically, what we have is a normal correction week within a bull market uptrend.
My port started off the year with a bang on the uptick with $AMRN leading the charge. Perhaps, tax selling was finally over with buyers who sold 30 days ago coming back to buy the stocks back.
Today strong momentum upside might kick off the Wave 3 of the Eliott Wave Theory. If this is the case, expect to see a steady uptrend for the first quarter of 2015. Weekly chart below also reflected a potential Wave 3 reversal back to the upside.
This Week green bar had higher volume than last week red bar. Now, we need to have higher high and higher low weekly bar going forward to begin the uptrend momentum.
$LRAD ended the week with a solid green bar on the uptake thanks to a neutral day on Friday. In other words, the gains from Wednesday and Thursday were not giving back.
This pattern is similar to $AMRN in that a higher high and a higher low weekly bar would carry the momentum back to the upside.
$DMRC, unfortunately, did not have a green weekly bar.
However, weekly price is still above the 79 & 89 MA support lines. Furthermore, the interim short-term uptrend line has not been breached yet. In other words, the current sentiment is still bullish.
$ORBC made a spectacular recovery on Friday to close positive after a drop to $6.34 and bouncing off the 89 MA line.
While a red weekly bar, the weekly chart above still show strong uptrend tendency with price above all MA lines.
Thanks to $AMRN strong rally on Friday, my port was able to start the year 2015 with a 1.2% gain on the first trading day. YTD gain is 1.2% as well.
LRAD, DMRC, ORBC, AMRN (100% invested/speculated)
From my other account:
I’m still holding $AGEN.
Despite a weekly red bar, I’m going to see if price will bounce from here; if not, I may have to cut losses quickly.
My 2 cents.
Categories: Daily trading Journal