So there is hope for Greece to meet their creditors half-way and avoid a default. In a way, the market has anticipated this eventual turn-around ’cause the alternative isn’t pretty for Greece to go on its own. Market rallied but it wasn’t exactly a gang-buster rally.
What we have is another doji bar in the midst. Is it a pause or a final gasp? I guess we will see tomorrow. However, afterhour is up 4.2 points right now for the SP500, so it may be a pause after all.
$AMRN is the hero of the day. Price spiked up gunning for the $2.52 resistance.
While it closed below it, let’s see if tomorrow is the day to break out of it.
$CERS is the second hero of the day. Price broke out of its recent consolidation and is heading higher.
While it still falls short of taking out the $5.68 resistance, it is still a good rally to kick off the upward momentum.
$LRAD was neutral for the day thanks to Iroquois Capital delivered of letter to LRAD. Basically, the letter criticized management for not treating recent public events with a sense of urgency to bring their LRAD technology into the limelight. Moreover, it criticized management for exercising the stock options and then sold it immediately thus sending a wrong message to the investors. I’d to agree with this one since their selling instigated a sell-off that prompted price to break out of the $2.30 support to the downside. The goal of stock buy-back is to support price and yet their self-interest action was in contradiction to this goal. And where is the buy-back price anyway? Iroquois also proposed a one-time big dividend pay-out to relieve some of the excessive cash LRAD is sitting on and to make shareholders happy. Hey, I don’t mind that at all since I’m holding a pretty good size chunk on this one.
Unfortunately, there were still some pissed-off investors who sold shares to take advantage of the spike-up to bring price back to neutral for the day after a rally from the positive effect of the letter. But overall, Iroquois filing of Schedule 13D to get more involved with LRAD management is a good sign as far as I’m concerned. Perhaps, we have a double-bottom in the making here?
$BIOC continues to test my resolve and conviction on this stock by dropping some more to the 79 & 89 MA support lines.
However, all I’ve to do is to remind myself of $CERS at $4. I believe the stock is being accumulated so I’m just going to let the 79 & 89 MA support do its work.
Thanks to rallies from $AMRN and $CERS, my port gained back 1.1% for the day. YTD gain is now at 8.5%.
LRAD, AMRN, BIOC, CERS and 4% cash.
My 2 cents.
Categories: Daily trading Journal