The week ended with a failure to close higher. The Greek factor was very much a big factor and I’m glad to be closed to 50% in cash going into the weekend.
As we’ve all known now, Greece asked for an extension on loan payment so they can ask their countryman to vote for or against austerity. That was a very badly play move since they should have asked for the vote two weeks ago. With the denial of the extension, Greece is pretty much 98% going to default on next Tuesday. Currently, after-hour SP500 is trading at about 30 points below Friday close.
$MEI headed higher after the open and I took the opportunity to sell my position to lock in profit simply because I decided not to hold the position going into the weekend due to the Greek factor.. It was a good move since price had fallen down later in the day and I would have forsaken my profit if I had held.
I’m going to watch $MEI and see if it will go down further before buying back in. I’m curious if the 50% Fib retracement is going to hold or not.
$BIOC bounced after hitting the $2.51 long-term support.
In the last ten minutes, $BIOC bounced hard so I decided to buy back a starter position going into the weekend. There were talk of price being pushed down ’cause Russell Microcap wanted to buy $BIOC cheap when adding to the index. Since the add was completed on Friday, I’m expecting some rally next week provided that the Greek factor did not affect the already down stock. If price drops below the $2.51 support next week, I’ll most likely dump my starter position and sit on the sideline.
$CERS did an impressive last hour rally so I also bought back a starter position going into the weekend.
However, the weekly chart is now showing another doji bar. This mean another indecisive week despite strong Friday last hour rally. With the Greek factor already impacting the SP500 negatively, I’m expecting price will drop tomorrow. I’ll probably cut my losses as well and sit on the sideline.
$LRAD bounced nicely off the $2.06 support for the week.
I’m not sure if the Greek factor will impact $LRAD next week. Let’s see what happen tomorrow.
Thanks to $LRAD last minute rally at the close, my port was able to gain back 1.1% for the day. YTD gain is now at 9.5%.
LRAD, BIOC, CERS and 48.8% cash.
My 2 cents.
Categories: Daily trading Journal