“Ladies and gentlemen, this is the $SPY captain speaking. I apologize for going off course the last ten days or so. We were thrown off the bullish jet stream by the Greece storm. But I’m happy to announce that we are about to re-enter the bullish jet stream ahead. Did you see the three purple lines above? Those are the boundaries of the bullish jet stream where all prices stay in and move with an upward slope. We are scheduled to re-enter tomorrow. To protect yourselves from unforeseen turbulence and resistance ahead, please put on your seat-belt.”.
One more bullish bar and price is back inside the area of the Andrew Pitchfork uptrend lines. Looking good so far.
Today was another good day for my port.
$AKAO took home the medal for rallying 8.92%. I was corrected regarding its eagerness to go up.
Today price broke out of a two-months long consolidation range. I expect price to continue to head higher from here. The longer the consolidation, the more fuel is stored behind the move. There is a good chance price may zig-zag its way to the $9 area to fill the gap.
Next in line is $BIOC with a 6.06% rally. News came out and Biocept added diagnostic assay for BRAF mutations in patients with melanoma.
“This diagnostic assay has the potential to help physicians identify patients who might benefit from currently available targeted therapies. In addition, due to the high sensitivity of detecting BRAF mutations, Biocept’s test can be used for monitoring patients for response to treatment and for progression of disease during the course of therapy.”
Price did manage to stay at the 79 & 89 MA support without tumbling down below them like two Wednesdays ago. With diagnostic assays coming out from the pipelines, I can see price continue to climb from here. One more bounce from the $2.80 and price will break out of the symmetrical triangle above.
$AMRN came third with a 3.32% increase. Somehow, I’m feeling confident that the judge will rule in favor of Amarin. Nevertheless, never mind my feeling, it is still a game of chance.
Price is having a hard time staying above $2.50. If more and more investors begin to “feel” confident about the upcoming judge decision; perhaps, tomorrow price will close above $2.50.
$LRAD attempted to go up but ended the day neutral.
There is still a chance of a bounce. However, it will help a lot if there is some news of new sales.
$ONCY failed to follow up from yesterday spectacular move. Having learned my lesson last time, I sold half of my position to lock in profit. I used some of the sales proceed to add to $AMRN and $AKAO to round up position size.
If price can stay at the 79 & 89 MA support, I may add back some. If not, I’ll look to add back at 0.55 to 0.60 cents area.
Price continue to move cautiously upward for $ARTH while waiting for human trial result. Since this is a trial for medical device, we may hear something in a few months hopefully.
Today is a small range bar with relatively low volume but still very bullish overall.
Thanks to rallies from $AKAO, $BIOC, and $AMRN, my port gained back another 2.1% for the day. YTD gain is now at 10.2%.
$LRAD, $BIOC, $AMRN, $AKAO, $ONCY and 7.1% cash. ($ARTH is held on another account).
My 2 cents.
Categories: Daily trading Journal