Apparently the air leaked out of the flying balloon and it dropped back down to earth. It was disappointing. Depend on the economic report tomorrow, the market can either take off big or drop off the cliff. It’s really a coin toss.
There is going to be a breakout of the symmetrical triangle tomorrow; the only question is which way?
$AMRN corrected a bit but recovered to close only slightly lower.
There is a spinning top on top of the 79 & 89 MA, so I cannot say that the probability is high it will drop tomorrow. I see it as a “pause” in uptrend momentum. Weekly script numbers releasing tomorrow will be telling.
$DMRC also gave back some. Interesting news released today stated that “Digimarc Earns Emmy(R) Award for Engineering Creativity in Audio/Video.” Hey, this is pretty cool. Sound like Digimarc is going to be an important technical player in the video industry as well. “The Barcode of Everything”, the catch phrase of Digimarc sounds about right!
Price is still on the 5 MA line which is bullish.
$BIOC bounced a bit more. News out, “Biocept and Insight Genetics to Present ALK Expression Study Data on Liquid Biopsy Platform at the IASLC World Conference on Lung Cancer.” It seems there is a race out there to lock in as many biomarkers as you can to claim the space in the liquid biopsy field. Thus, the more biomarkers you have, the more cancer types you can cover. Eventually, you become the “go to” place for doctors to send the blood samples.
Below is an excerpt from recent upgrade-> Biocept Could Double On Liquid Biopsy Leadership: H.C. Wainwright
“Since Biocept has recently launched multiple tests targeting multiple cancer sites, we expect sales from commercial cases to continue to ramp up quickly,” he said. In the liquid biopsy market, Chen predicted that the company has the “most advanced technology” and can offer the “most tests in terms of cancer sites and biomarkers.”
The 5 and 15 MA lines are moving in sync next to each other and are both turning up slowly. I believe a break out to the upside is coming soon.
Due to some minor corrections, my port gave back 1.3% for the day.
Main port: AMRN DMRC AKAO ONCY BIOC and 5% cash. Trading port: ARTH
My 2 cents.
Categories: Daily trading Journal