Well, today was actually a win for the bull even though it failed to hold on to its morning rally. The fact that there were no follow-thru from yesterday massive down day was quite a feat all by itself. In fact, market actually closed positive for the day. As for Greece, the below paragraph from the Reuters news said it all.
“The IMF confirmed that Greece had not made its scheduled 1.6 billion euro loan repayment to the fund. As a result, IMF Managing Director Christine Lagarde will report to the global lender’s board that Greece is “in arrears,” the official euphemism for default.”
Funny thing is that with Greece providing the final answer, the market ripped higher after hour. The SP500 is now up 11.15 points.
I guess it is time to buy back stocks tomorrow.
Luckily, I bought back half-size $AMRN today looking for the bounce.
As if on cue, $AMRN bounced away from the 79 MA support. Right now, it needs to penetrate the downtrend line above to break out to the upside. I read the Amarin’s reply memorandum of law in support of motion for preliminary injunction (aka Document 67) submitted today and I thought it was very well written. Other documents such as 63, 64, 65 and 66 provide strong arguments for Amarin as well. Can Amarin win the preliminary injunction like they won the NCE case? I believe the probability is very high Amarin can win; but that is just my 2 cents. If price does not fall back down tomorrow, I may consider adding more.
I also bought back some $BIOC today.
I’m expecting price to bounce off the $2.51 support reflected on the chart. If it bounces up tomorrow, I may add more as well.
$LRAD did not do well today at all. Did somebody get a margin call?
The only good thing I see in the chart above is that price is now at the Fib 61.8% retracement level (from 2012 low and 2014 high). Let’s see if it will bounce tomorrow. Remember, my conviction in $LRAD’s technology is solid so I’m not faded by today drop. It’s a matter of time and patience is required on this one.
Due to drawdown from $LRAD, my port gave back another 2.4% for the day, YTD gain is now at 5.3%.
LRAD, AMRN, BIOC and 41.6% cash.
My 2 cents.
Categories: Daily trading Journal