Whoa! Look at that bird flies. And flew away it did.
Yesterday doji turned out to be a “resting” bar. With relatively higher volume, look like the bull is BACK.
$AMRN came back to neutral after an attempt to rally. Perhaps, there were short-sellers looking for a repeat of the old days where each rally would fail thanks to the FDA’s beat-down. But those old days were the past and recent developments such as Baker Brothers’ investment, China’s licensing deal, a win on the Federal court for five years NCE, 12,000+ weekly prescription numbers and two amicus curiae briefs by PhRMA and WLF in support of $AMRN First Amendment lawsuits against FDA all point to a changing climate in favor of Amarin. The First Amendment lawsuit is a very big deal. If the Federal court rules in favor for Amarin, watch out for price jump and accelerated growth in weekly script numbers.
So, sure I can handle the volatility created by the short-sellers. The reward is much bigger than the win the short-sellers can hope to get from this price level.
$BIOC is holding its ground. I can see the stock is being accumulated at this level. It reminds me of $CERS at the $4 level and I learned my lesson from it. I’m not going to trade in-and-out of this position.
I bet price will begin to climb soon.
The support at $5.27 really hold for $CERS. Price bounced back up and closed above the 5 MA line.
So far, the 15 MA support is holding well and the bull is still in charge.
$LRAD bounced off near the previous low of $2.06. Perhaps, the last of the weak hands had exited?
Let’s see if this one can bounce tomorrow.
Due to $LRAD further drawdown, my port gave back another 0.4% for the day. YTD gain is now at 7.9%.
LRAD, AMRN, BIOC, CERS and 4% cash.
My 2 cents.
Categories: Daily trading Journal