“Bear market? What bear market?”
And the bull kept on going, going, and going. The above is the weekly chart. A very powerful green bar coming off the high volume hammer-like candlestick from previous week. It isn’t that far from previous high, you know.
Today was a learn to trust your “instinct” lesson in the disguise of the $AMRN trade. Early this week, I sold my whole position of $AMRN for a gain (instinct) and watched the price spiked back up to $1.10 before price settled back down. Seeing that price wanted to go up, I was anxious (lesson: anxious is definitely NOT instinct) to buy it back the next day (which was yesterday). Seeing that price was holding at $1.05 at the open and that there a large bid supporting the price, I added some more this morning. Then I went on my merry way.
“Whoa!” was all I could muster when I came back to look at the price after being away for awhile. Price was printing $0.97 cents when I checked on $AMRN. Without hesitation, I immediately liquidated my entire positions to cut losses. The daily chart looked ugly:
As you could see, price cut thru the support of the whole week (new low for the week) and the volume was very high. Somebody knew something and was dumping en mass. If there is follow-thru next week with a new low, this could get even more ugly. I’m going to see how low this will go before picking bottom.
Asides from cutting losses with $AMRN, I again went back in $NUGT but with a smaller position. This time I decided to do away with the hard stop and opted for a mental stop. The smaller shares allow more room for this stock to fluctuate around. By closing bell, I’m still at breakeven from this morning entry.
Meanwhile, $DMRC continued to march ahead.
The weekly bar above reflected a turning point. What I like about the chart is that price is now on top of 79 & 89 MA lines. Looking back to January, you could see four consecutive up bar after the 1st up bar. Will $DMRC repeat this pattern?
$LRAD, while it did not have the same “punch-out” pattern of $DMRC’s weekly bars, it showed a resiliency to hold the fort.
At least, it was a green bar above the middle of the Andrew Pitchfork line which could be a preparation for a coming bounce.
$ORBC is an example of what I prefer not to see.
It is a weekly red bar that showed it gave back gain from last week. However, the good news is that price is still above the 79 & 89 MA lines.
Due to losses from $AMRN, the gain to my port for the day was reduced to 0.2% despite a good showing with $DMRC rally. YTD gain is now at 8.5%.
LRAD, DMRC, ORBC, NUGT and 14.7% cash.
From my other account:
$MCIG weekly chart showed that it is holding steady here.
In other words, price is still basing here and have not made any move to the upside yet.
My 2 cents.