Today bull action behaved like a woman who was having a good time but misunderstood your words and stomped away angrily. And with a little bit of coaxing, she smiled and run back to you. Sweet!
See how she stomped off at around 02:20pm and then came back around 03:10pm in the 5m chart above? At first, I was going, “Oh No! Not again!”, but as she started to come back, I felt a sign of relief. Whewwww…
From the daily chart above, I considered this a bona-fide V-Shape bounce. Let’s see if we can get back above last year close to end the week. It would be a great way for the bull to give the bear the finger.
$AMRN bounced away like it should. Tomorrow, we may hear some news regarding the discussion Amarin has with the FDA so ordered by the court. Well, they are supposed to come to some agreement by tomorrow; so we may end up hearing about it next week. But a higher weekly script number will definitely carry the day.
See that bar with a long-tail? That bar could be the bottom-forming pattern if its high is taken out. Today bar closed higher so we have confirmation of a possible rally from here.
$DMRC bounced a bit from yesterday doji bar as probability suggested it would,
While not a great bounce, it could be the start of a big rally. The clueless shorts are going to be dragged thru the mud.
$BIOC formed a spinning top above yesterday close. The downdraft was halted and the short-sellers retreated.
Tomorrow, it is going to bounce higher and thus begins a long-term trend upward. Don’t believe me? Stay tune.
$ARTH inched up a bit more.
You could almost sense that price really really wants to go up. It is looking for an excuse to go up. It is running around like a hunting dog dying to get out of the pound to go hunting for fox up the northern hill. “Can somebody let the poor dog out?”
Thanks to rallies from AMRN, DMRC, BIOC, and ONCY, my port gained back 3% for the day.
Main port: AMRN, DMRC, AKAO, ONCY, BIOC and 5.5% cash. Trading port: ARTH
My 2 cents
Categories: Daily trading Journal