OKay! Another shot up the air! Now, let’s see if the momentum can keep going. From the chart below, did you see the downtrend line drew from the top of 1st high and the 2nd lower high? It is important that price does not fall back down from the downtrend line; otherwise, it will create a possible 3rd lower high.
Price needs to penetrate the downtrend line to the upside to negate the making of a 3rd lower high. The bull still has a lot of work to do.
From the main account, $AKAO took home with the highest percentage increase (4.26%).
The bounce today is important ’cause it brought the price back above the support at $6.93. Another bounce from here will improve the odd of continuing bullish trend. Btw, it doesn’t hurt that $AKAO received recognition as well as $4.5 million contract with NIAID for development of novel LpxC inhibitors for the treatment of bacterial infections.
$AMRN took home the second prize with a 2.52%. Seeing that there were no grief in Greece, I bought back most of the shares I sold yesterday. I decided to use some of the $AMRN proceed from yesterday sales to add more $AKAO and $ONCY. Now, $AMRN, $AKAO, and $ONCY are evenly allocated. Let’s see which one win the price appreciation race from here.
You can see that price is still trying to close above the symmetrical triangle but failed. Another higher close will do the trick. Now, it is just a waiting game for the judge to make his decision on the preliminary injunction on the 1st Amendment lawsuit.
$ONCY came third with a 1.47% increase.
It is good that price closed above the 79 MA line. It looks like price is ready for another up leg run from here. As mentioned earlier, I added back some more $ONCY shares I sold for profit the other day seeing that price did not drop any further.
$BIOC ended the day with the least % decrease (-1.82%).
While down, price is still within the symmetrical triangle. Still holding long and strong.
$LRAD was not doing very well at all. It gave back gain made in Monday.
There is really nothing to do but wait for news event. I’m not giving up on this one yet ’cause I know their technology is needed worldwide. Patience is required here.
The real hero of the day is the outlying OTC stock from my other account- $ARTH. Wow! A 20% up day with a high volume of 3.6 million shares traded. There were no news I could find. It is possible that this undiscovered gem is being discovered. Tomorrow will either be a correction day or another up day. Another up day will mean the market is trying to re-adjust the value back to fair market value giving the potential of $ARTH’s AC5 hemostat device that can stop bleeding in seconds. Imagine how many lives can be saved while delivering patients from ambulances and helicopters from sites of accidents. Not to mention alleviating one of the major hurdle in the surgery room- stop the bleeding during surgery with ease. And don’t forget the countless lives that can be saved in the military. Here is a good article on $ARTH from Seeking Alpha.
Another up day tomorrow will turn this into a successful rocket launch. Seeing such a powerful rally, I also added more today.
Due to drawdown from $LRAD and $BIOC (my two biggest position in the main port), my port gave back 0.30% despite gains on three stocks. YTD gain is now at 7.4%.
LRAD, BIOC, AMRN, AKAO, ONCY and 4.1% cash. (Holding ARTH on other account).
My 2 cents.
Categories: Daily trading Journal