The bear, after accumulating a decent amount of energy, made an attempt to “push” price down today. The bear campaign was quite impressive until it came across the strong defensive support of the 79 & 89 MA lines.
As you can see on the daily chart above, price eventually bounced back up from going below the MA lines like a rubber band stretched too far out. Giving an after hour rally on the SP500, tomorrow price may bounce back up to the upside.
$LRAD was able to hold its ground despite a big down day for the DOW.
Volume was low but price was able to hold above all MA lines which is a good sign. Basically, no one is selling and we are all waiting for earning announcement that will come next Thursday.
$DMRC gave back some after fighting off the bear morning attack.
Despite a red bar, it still looks bullish from my perspective.
$CERS is now my 3rd largest position due to my peeling 1/3 off my $ORBC position to buy more $CERS.
Price corrected along with the DOW but it did not take out the yesterday low. Both $ORBC and $CERS are in the $5.xx so I figured with $CERS being a biotech stock, it has a potential to bounce hard on any good news or earning update that spells strong growth in 2015. Hence, my selling off $ORBC to buy more $CERS. Also, the fact that $CERS is trading above the 79 & 89 MA lines whereas $ORBC is trading below its 79 & 89 MA lines made it easy for me to re-balance my positions.
$ORBC was quite impressive to climb back from today low.
It needs to start working to climb back above the 79 & 89 MA lines.
Thanks to $LRAD being neutral today, my port gave back only 0.70% for the day. Effectively, today losses turned my YTD back to breakeven for the year.
LRAD, DMRC, CERS, ORBC (100% invested/speculated)
My 2 cents.
Categories: Daily trading Journal