There seems to be a “quiet’ moment at the market. Market bounced a bit more but the energy behind it was indecisive. Are we witnessing a dead-cat bounce after the 350 points drop on Monday?
Price is still below the 79 & 89 resistance above and the potential of a dead-cat bounce is still strong. To eliminate the possibility of a dead-cat bounce, we need a huge rally to bury the cat.
I don’t know what got into me but I used up most of my cash to buy more stocks today.
$BIOC opened higher due to news of expanding Blood-Based Test Menu to Identify Key Biomarker for Breast Cancer and Non-Small Cell and Small Cell Lung Cancers. Darn! Why couldn’t they wait one more day before announcing? I was going to add more today anyway even with no news. But the news got me going. So I started adding more in layer with my last buy at $2.7x. With the effect of Greece situation falling by the wayside, I’m more comfortable holding this one for long term.
Here we go again, another symmetrical triangle. I think this stock is way oversold and let’s see if $BIOC can pop big from here.
I also added to $AMRN.
Today price action was neutral but is still above the 79 & 89 MA support. Both the 79 & 89 MA have an incline slope pointing up and it increases the probability of a breakout to the upside coming soon.
$LRAD did bounce off from the Fib 61.8% retracement level.
So far so good.
I’ve been watching $AKAO and I could sense that this one really wants to bounce.
Despite two failures to bounce, I’m sensing a third time being a charm. See how the trendline is sloping up as well. Thus, I bought back some today.
I got an itch to buy some gold related stock so instead of ETF I decided to go with a small gold producer $RBY. I know this is probably not a good time to buy gold related stock but I just want to buy some now so I can forget about it. I do not want to miss any sudden spark in gold rally when my money is all tied up with other stocks. So by buying and holding $RBY now, my money is committed as a form of hedge against future financial chaos.
Yes, I know, the chart doesn’t look good at the moment right now. But price was near the 79 & 89 MA this morning so it was easy for me to buy.
Thanks to bounce from $LRAD, it was enough to offset drawdown from my $BIOC position to squeeze out a gain of 0.8% for the day. YTD gain is now at 6.1%.
$LRAD, $BIOC, $AMRN, $RBY, $AKAO and 4.3% cash.
My 2 cents.
Btw, I’m still holding $ARTH in my other account and it has been doing good so far.
While today was a neutral day, the chart looks very bullish. They will be doing human trial on their “medical device” this summer. Any positive outcome will kick this one up to the hill and beyond.
Categories: Daily trading Journal