My Monday thought on $LRAD, $AKAO, $BIOC, $ONCY, $ARTH

Ok, are you ready?  What we have here is a possible bottoming pattern due to a “spinning top” candlestick bar at support on the daily $SPY chart below:

SPY_Daily

Notice the supports at $206.6x came from early Jan, mid April and early May of this year.  As I’ve stated before, there is a strong possibility of a bounce when there is a doji or spinning top candlestick bar near the support.  Giving that the SP500 is trading 7.15 points higher in the after-hour trading, I say the odd of an up day tomorrow is very high.

But today was a down-day; thus my port also took another hit.

First, I sold $AMRN after the market opened ’cause I wanted to raise cash as soon as possible before things got ugly.  I also reduced positions on $ONCY and $BIOC.  During the day, I bought some $NUGT hoping for a strong bounce but was stopped out at breakeven when price failed to sustain the gain once again.  Later in the day when I saw price began to recover on $BIOC and $LRAD, I started to add back shares to this two positions.

$LRAD had a huge spread of $1.50 and $1.6x in the morning and someone hit the bids at $1.50.  Price began to bounce and I was contemplating about adding back shares at $1.5x area; however, price began to climb higher in a stair-step fashion and I stopped my hesitation and started buying as well.  When price settled back down to $1.7x area, I continued to accumulate more shares.

LRAD_daily

When you looked at the daily chart above, I believe today action was a “climax” sales with high volume that ended in a positive note.  Price closed positive with a long-shadow on both ends.  To me, it is as good as the doji and spinning top at support.  I’m betting that $LRAD has hit the bottom and it is ready to bounce from here.  Yes, I’m glad I added back shares today as well.

$AKAO was impressive today.  Despite taking a hit in the morning, it bounced back quite earlier in the day which was very bullish.

AKAO_daily

Despite a down market day, price was able to close positive and above the 5 MA line.

$BIOC also bounced back after taking a hit; unfortunately, it was not able to bounce back to close positive.  However, I was impressed with the come-back so I bought back some shares I sold in the morning.

BIOC_daily

Notice that price closed above the support at $2.46 which is important.

$ONCY did not look so good today.  While price continued to stay inside the flag pattern, it was still heading down the flag channel.

ONCY_daily

It needs good news to wake it up for rally.  However, I was glad to lighten up a little in the morning.

$ARTH continued to hold well without giving back gain.

ARTH_daily

Price is still above the 5 MA line.  I can see price bounce from here in a positive general market condition.

Due to taking hits from $BIOC, $ONCY, and $AMRN, my port gave back another 1.2% for the day.  YTD losses is now at 3.4%.

Current holdings:

Main port: $LRAD, $AKAO, $BIOC, $ONCY and 20.9% cash.  Trading port: ARTH (up 47.9%).

My 2 cents.



Categories: Daily trading Journal

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