What we have here is another indecision by the market. It is like a cow refusing to move one way or the other. You pull and push and it just won’t budge.
The good news is that price is still above all MA lines. Basically, the market was saying “leave me alone! I’ve done my part by being above all supports. Let me rest.” OoooKay!
Today, all four of my stocks closed positive.
$AMRN continued to lead the pack with a higher percentage gain.
Price was actually much higher during the day but lost some ground before closing. The good news is that price is now above the former resistance of $2.52 which is now a support. Fundamentally speaking, the FDA has finally submitted their argument to the court. It was quite a long-read, so long that I almost fell asleep reading it; perhaps that was the intention? The way I look at it, it really doesn’t matter if $AMRN’s request for a preliminary injunction is accepted or denied as long as FDA “promises” on court documents that they won’t go after Amarin with criminal prosecution for disclosing truthful and non-misleading documents to the doctors in a manner agreed by all parties. However, reviews from the internet seemed to suggest that FDA did not have a strong case against preliminary injunction; but that is just more opinions that don’t prove anything.
$CERS continued to head higher.
Price is now banging against the resistance of $5.68. It is important that price break out to the upside soon or $CERS may face with a possible correction from failure to take out the resistance.
$BIOC did a great job recovering from an initial drop and closed in the green.
Price is now at the 79 MA support which is very good. If price can close above today high tomorrow, we may have a temporary bottom formation here.
$LRAD also bounced some which increased the probability of a double-bottom formation.
Another green bar tomorrow may kick off a slow climb back up. Come on now, tell us you win the mass notification systems sales to the Middle East cities already.
Thanks to positive closings on all four stocks, my port gained back another 1.3% for the day. YTD gain is now at 9.8%.
LRAD, AMRN, BIOC, CERS and 4% cash.
My 2 cents.
Categories: Daily trading Journal