Market traded up first half of the day and then closed underwater to end the day.
It is still too early to call this recent minor corrections a change of trend. As long as price continue to trade above the 15 MA line, the bull trend is still intact.
Meanwhile, a lot of stocks were trading down. My port is no exception.
$LRAD gave back some more gain.
Price now traded near the support of $3.36. It will be interesting to see if this new support can hold. Nevertheless, while price took out yesterday low, price is still trading above the 5 MA line as well as the new support. The recent minor uptrend bar has not been violated yet. Also notice that the volume on the last four trading days increased on a stair step fashion with today volume significantly lower. This could mean that more new buyers came in than getting out.
$HYGS also corrected.
Since price is still above the 89 MA support line, today correction may be a simple hiccup.
$ORBC finally broke thru the consolidation range but it went the wrong way.
Price is now at long-term support. Let’s see if it can bounce tomorrow. We are getting close to mid-Sept when the new satellites are supposed to be in operational mode. Price may climb back if this prove to be the case.
Today, $DMRC and $AMRN saved the day by closing higher to help offset the losses.
Today Gateway Conference sparked some interest in $DMRC with price closing higher.
If enough new investors like what they saw today, price may begin a slow climb from here.
Renew hope of a positive FDC outcome might be the reason for $AMRN to bounce back up today.
Price bounced directly from the 15 MA line. When price can bounce from these 5 & 15 MA lines, it usually means the bull trend is very much intact.
Despite positive closes on two stocks, drawdown on two of my largest positions (LRAD and HYGS) were too much to offset. Thus, my port gave back 2.8% with YTD gain at 15.1%.
From my other account:
I bought $KNDI for a bounce. I’m still holding at today close since the losses are small. If price doesn’t bounce tomorrow, I may cut losses instead of carrying it over the weekend.
My 2 cents.
If you enjoy the content at iBankCoin, please follow us on Twitter
