06-01-2015 Journal- $LRAD, $AMRN, $CERS, $BIOC

Come on now, the market was behaving like an “Energizer Bunny” running on its original battery for the last six years.  As in all things that have not been recharged or refreshed, the energy will eventually be depleted.

DJ-30 daily

Albeit a green bar with a positive close, it looked like a down bar. Notice the tail on the top is longer than the tail at the bottom.  This mean the bull could not keep it up.    Meanwhile, the 79 & 89 MA are serving as support which is good.  But the bull needs to kick some ass or it will lose ground very quickly.

Today, I decided to sell out $UEC to lock in gain.  Why?  Simply because price was struggling at the major resistance point. Notice that price is also at the upper end of the Bollinger band. Anytime when price is around resistance, I like to see it move higher and further away from resistance (that turn support) as quickly as possible.  If it languishes around the resistance, the odd of falling back down is high because many traders are looking for the upward momentum to justify holding their position.  If no upward momentum is forthcoming, there may be profit-taking in the “musical-chair” format.  While price may as well continue on higher from here, I preferred to take profit now and see how price reacts to the resistance in the next few days.  I know, I know, I risk missing another run from here.

UEC_daily

Price bounced off the 5 MA line and recovered some ground. I’ll be looking to buy back either at lower price or at higher price.

$CERS opened strong and price continued to move higher.  I wanted to add more and that prompted to look at $UEC a little harder.  With the proceed from an initial sales of $UEC in the morning, I added more $CERS.

CERS_daily

This is the kind of up movement I like to see when price passed the resistance point from previous high.  See how the last two green bars continued to move away from the former resistance (now support)?  If $UEC has done the same thing today by moving higher, I wouldn’t have sold to lock in gain.

I’m very bullish on $AMRN after the federal judge vacated the FDA denial of 5 years exclusivity for Amarin.  I truly believe this decision is the inflection point for Amarin to move higher from here.  In other words, the wind has shifted in favor of $AMRN.  Thus, I continued to add after the open and then added even more after I sold more $UEC.  $AMRN is now the 2nd largest position in my port after $LRAD.

AMRN_daily

$AMRN closed the day as a doji bar.  I like to see this doji as a “pause” before continuation of current trend.

$BIOC did good today even though the sell-off after the open was unnerving. Unnerving to the point that I sold 25% of my position to reduce risk.  I’m just glad I didn’t end up selling the whole lot.

BIOC_daily

Now, price needs to go higher to breakout of the symmetrical triangle to the upside.

$LRAD made a nice come-back after taking out the low of last Friday.

LRAD_daily

Good to see price close right at the uptrend line.  Btw, the dash-line by the lower range of the consolidation box is the Fib 50% retracement of the recent high of $3.88 and the low price at $0.99 in Dec 2012.  I’m betting that today bounce from this 50% retracement is the final correction for $LRAD.  Supposedly, the $LRAD sales team is in the Middle East city now demonstrating their mass notification system (per recent earning update).  Let’s see where it goes from here.

Thanks to $LRAD, $CERS, and $BIOC closing the day with gains, my port gained back 1%.  YTD gain is now at 14.7%.

Current holdings:

LRAD, AMRN, CERS, BIOC and 12% cash.

My 2 cents.



Categories: Daily trading Journal

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