The market had another up day.
I placed a hard stop on $NUGT below yesterday low and got stopped out in no time for some profit. Price, however, recovered nicely without me on board since I decided not to chase it on a Friday. Moving on.
I added to $TINY today. Take a look at the daily chart below and I’ll show you why I like $TINY for potential breakout:
Did you see the recent uptrend that brought price action back to the long-term support line? While it went below the LT support line, it managed to break out of the “resistance” and climbed back above it. On top of that, the daily 5 SMA has stop zig-zagging around the 15 SMA and is now trading above the 15 SMA. Both lines are now point upward. Furthermore, both the 79 SMA and 89 XMA are coming close to the price action. It could mean that price is now ready to break out of the long-term 79 & 89 MAs. Did you see price action has taken out the 79 SMA but is still working on taking out the 89 XMA. I’m betting that it will happen soon. That is why I am accumulating $TINY shares and added more today.
I also added to $GALE today because of fundamental reason. Its breakthrough cancer pain drug- Abstral is a better drug in the US ’cause its fentanyl-based product has the fastest absorption and relief of pain than the other competitor’s product that are available in the US now per the article from the link here.
“First off, Abstral has the fastest absorption and relief of pain compared to other drug in its class, in just 5-10 minutes. For cancer patients with breakthrough pain, rapid relief is the sought benefit. Next, Abstral has already had some commercial success.”
Take a look at the chart below. It looks pretty bullish to me.
While today may be a down day, the overall trend is still up. Price is already trading above the 79 & 89 MA lines. The daily 5 SMA has crossed the 15 SMA line. So all in all, a positive fundamental and a uptrend chart prompted me to add more today.
Meanwhile $KNDI was getting slaughtered today. When it took out the lower opening range, I unloaded 70% of my position pronto. Obviously, I was getting lousy fills but that was part of the cost of trading. I tried to buy back some for bounce play but was immediately stopped out when it took out the new low in a NY minute. Afterward, I decided to stay away to let it settle. Good thing I did since price continued to head south. I believed today slaughter might have to do with $NQ situation. Guilty by association since $KNDI is a China stock. I’ll be looking to buy back my 70% shares at cheaper price next week if possible.
$KGJI was suffering the same fate since it is also a China stock. So I sold 75% of the position when the bids were there. Later, I added back 25% to make my position 50% of original size when price stabilized a bit.
$CERS continued to head higher and I added more. Take a look at the daily chart below.
Need me to say more? The chart tells the whole story.
$LRAD was also doing great today. Take a look at the weekly chart below.
Isn’t it a beauty? $LRAD is my largest position in my portfolio.
Despite the large “give-back” on my $KNDI and $KGJI position, the gains from $LRAD and $CERS more than offset today losses so my portfolio still ended positive for the day.
LRAD, CERS, AMRN, GALE, TINY, KNDI, CLIR, APRI, KGJI, NCTY and 28% cash.If you enjoy the content at iBankCoin, please follow us on Twitter