Ouch! That was a bear attack! 331 points to the downside was a big one to swallow.
The only positive outlook to the chart above is that the 79 & 89 MA lines are still under current price drawdown. There is still the possibility of a bounce from the MAs. In other words, while the bear ruled the day, it hasn’t rule the long-term trend yet.
Thanks goodness for $LRAD leading the port by refusing to sink with the general market.
Price crossed over 79 MA line during the day but gave back some due to heavy selling pressure from all around. There are simply too much at stake to abandon the $LRAD trade while waiting for a possible win on the mass notification system sales to two large Middle East cities. Those who bought in already for the bet aren’t going to give it up simply because the general market is down. I’m holding my bet all the way.
$DMRC did not have the same strength as $LRAD and finally succumbed to the selling pressure after climbing back to $27 in mid-day.
The good news is that price is still above the 79 MA line and the uptrend line. While down, the probability of a bounce from here is still good.
$ORBC tried very hard to hold on to gain from the morning but failed to hold on as well.
Again, price is still above the 79 & 89 MA lines. A bounce from here is also very possible.
$AMRN corrected quite easily in a down market due to its volatile nature.
I like the fact that price did not drop more than half of Friday bar. A little give back from Friday up bar is quite normal.
Thanks to $LRAD being an up day, it helped cushioned the daily losses of my port to only -1.1%. YTD gain is now at 0.1%. Not much of a show on the 2nd trading day for the year.
LRAD, DMRC, ORBC, AMRN (100% invested/speculated).
From my other account:
$AGEN looked good today. It totally ignored the overall market bearish sentiment.
Price closed above the resistance created from July 2014.
My 2 cents.
Categories: Daily trading Journal