Hey hey, does today bar remind you of a shuttlecock suspended in mid-air before being slammed by your racket in the game of badminton?
There was a similar pattern back in May 4th with a pretty long red-bar right afterward. With SP500 down about 4.1 points after-hour now, I would suggest taking out your racket to get ready. Perhaps, it is too early to worry about the recent rally being a dead-cat bounce.
$AMRN saved the day by closing positive. It is always nice to have at least one stock to close on the plus side to create some counter-balance against other downside.
I can see further upside momentum here. Fundamental speaking, things are beginning to turn in Amarin way so far. 1st, you have the federal judge ruled in favor of vacating the FDA denial of 5 years NCE. 2nd, you have FDA stating in a letter to Amarin that they “do not have a problem” with some of the documents Amarin wants to disclose to the doctors. Although FDA is trying to narrow the scope of the 1st Amendment lawsuit, it is still a positive step for Amarin. Furthermore, more and more independent studies, albeit based on small samples, are showing health benefit of the main Omega-3 ingredient- EPA. It is getting easier to hold this long-term.
$BIOC is still hugging at the uptrend line and no decision has been made by the market on which side of the symmetrical triangle it is going to break out yet.
A bigger bounce tomorrow will be a welcome move only to move away from the uptrend line.
$CERS gave back the gain from the morning run and closed practically neutral.
The 5 MA is now acting as support which is still very bullish. However, the momentum indicators below seemed to be saying a possible correction is coming.
$LRAD, meanwhile, breakout of the consolidation range to the downside. Someone wanted to get out badly before close.
Oh well… next support is $2.06. But I bet a bounce back into the consolidation range will happen before it get to the support below.
With $AMRN gain to cushion the $LRAD drawdown, my port gave back 1.4% for the day. YTD gain is now at 11.4%.
LRAD, AMRN, BIOC, CERS and 4% cash.
My 2 cents.
Categories: Daily trading Journal