What we had here was a glider. Yep, no engine. Just a glider that was dropped from the sky and it simply glided itself back down to the surface. It was actually a smooth flight down back to earth. Not a good day for the traders buying for the bounce. With a gap up day like today, buying for the bounce should be a high probability trade; but not today. Today was a glider day.
It was such a fun day for the market that it actually wants to do it all over again tomorrow. SP500 is trading 22.7 points higher as I’m typing now. Tomorrow will be another higher open unless Greece decided to change its mind again in the last minute. If a deal is indeed finalized with the creditors by tomorrow, the market may rip much higher to close the week with a solid green bar. That would be a day to watch.
$AMRN bounced off the 79 MA line like it was supposed to. An inside green bar against a previous red. If price takes out today high, there is a good chance it will rip higher. But then it will be the judge decision that determines true direction of the price movement. In essence, this is a game of chance right now. Obviously, with my adding more $AMRN today, I’m betting that will be some modification to the preliminary injunction but can still be workable for Amarin.
Did you see the symmetrical triangle on the chart above? A break out to the upside will be a recovery moment for a stock that had been beaten down for years by the FDA. So, I’m allowing myself to cross my fingers for good luck.
$BIOC continued to bounce off the uptrend line. This time it closed slightly higher.
So far so good.
$AKAO began to move higher again and I also added some more to round up position size.
A slow steady climb will be much better than a quick big jump that doesn’t last. Volume was slightly higher than before which was a good thing.
$ONCY literally gave back all gain made from the jump four days ago. I guess investors need to see more proof-of-concept in its virus-therapy. More positive updates are required to regain momentum; not unlike $INO when it was trading below a buck before the reverse-split. In fact, I’m expecting $ONCY to mirror $INO when it was trading under a buck and then ripped higher to $3 buck from positive results in animal testing. Only this time, $ONCY will provide update on its multiple Phase I, II, & III trial results on human.
Let’s see if price can bounce from here now that price has “filled the gap”.
$LRAD is now a waiting game. Not much to look at on the chart.
I sold the rest of $RBY today.
Gains from $AKAO and $AMRN were able to offset drawdown from $ONCY and $LRAD to squeeze out a tiny 0.1% gain for the day. YTD gain is now at 1.5%. At least, the bleeding has stopped.
LRAD, BIOC, AMRN, ONCY, AKAO and 5.4% cash.
My 2 cents.
Categories: Daily trading Journal