Despite a quick drop in the morning, the DOW recovered and closed basically neutral. In other words, another resting day.
Can the bull keep on heading higher? I wouldn’t be surprised if there is an “urge” to correct from here.
$AMRN was halted in the morning and then opened much higher after news of an agreement with Eddingpharm to develop and commercialize Vascepa in the territories of Mainland China, the Hong Kong and Macao Special Administrative Regions and Taiwan. This is big news as far as I’m concerned since it is my opinion that the Asian market loves fish oil. Without hesitation, I used the remaining available cash (after buying back starter position on $DMRC) to buy more $AMRN. Later on, I peeled off some more $LRAD and added more $AMRN to round up my investment size.
Despite today inability to hold on to much of the gain, I’ve no doubt that price will start an uptrend from here. Being outside the territory of FDA, I believe Eddingpharm can start selling Vascepa based on the Marine “and” Anchor indications. I am actually feeling very good about my $AMRN position. I’ll be holding this one despite coming volatility. Now, I know you heard me say this to other stocks (hint: $DMRC) which I somehow decided to sell down the line; but that is only because the fundamental has shifted away from what I’ve expected.
$CERS announced earnings today. While the numbers were not exciting, there is a global concern in the medical community regarding bacterial contamination of blood platelets. And guess what, $CERS INTERCEPT technology can help relieve this concern. Thus, I do not care if price gapped down tomorrow, I’m holding for the eventual bounce that will surely come.
While the after hour price is lower than reflected on the chart above, I’m confident that the 79 & 89 MA will act as a magnet to keep price from swaying too far. Who know, maybe enough people see what I saw and decide to buy more tomorrow and instead of an expected down day, it could be an up day. Doesn’t matter, I’m holding.
$TINY is continuing to be AMAZING.
Price literally gained small percentage almost everyday. It is now approaching a possible formidable resistance. Let’s see if it can walk right thru it without a hitch.
What can I say, $LRAD is like an abandoned child waiting for someone to pick it up. It is simply waiting for new orders to come in from the like of National Guard, U.S. Army, Middle East Cities, etc.
While price is below the 79 & 89 MA, it is still in the vicinity.
Due to corrections from $CERS and $LRAD, my port dropped 0.9% for the day, YTD losses is now at 2%.
LRAD, CERS, AMRN, TINY and 3% cash. (the cash came about ’cause my $DMRC position I bought back today was stopped out).
My 2 cents.
Categories: Daily trading Journal