Market went up today.
I didn’t do much today except to add to $KNDI and GALE since they were both up in the morning and were able to stay up till the close. Later on, my limit order to buy back some $CERS at the price I sold last Friday was filled; so I added some $CERS back as well.
I also bought some $TINY back. It was a good thing I sold $TINY last Friday to buy $KNDI giving that the latter went up and the former went down.
$GALE action today gave me back some confidence that price would not collapse. When you look at the chart more carefully, you will notice that although price action went down last Friday, the low was simply touching the daily 89 XMA which served as a support. In hindsight, I was too concerned with price taking out the previous day low and closed below the 5 & 15 SMA lines with the 5 SMA pointing down. Note to self, let prices test the longer term 79 & 89 MAs support first before unloading most of the shares.
Take a look at the daily chart below:
Did you see how price touch the 89 XMA last Friday? I like the fact that price closed above all the MAs today. Let’s see if momentum can carry on higher this week.
Next, $KNDI had a nice bounce today. Take a look at the chart below.
Price took out the resistance from the low of Oct 9th as well as the high of last Friday. My instinct of selling $TINY to buy $KNDI was correct.
$TINY, on the other hand, was a bit disappointing since price came down to touch on the trendline.
The good news is that it has not penetrated the trendline yet. There is still a chance that price will bounce back up the way $GALE has done today.
I bought some $CERS back at the price I sold last Friday with limit orders. Although price closed below Friday close, the chart still looks like a good bounce.
Did you see a higher high and a higher low?
$KGJI was still struggling to maintain buoyancy but I gave it credit for being able to close right on top of the 5 and 15 MA lines.
Notice that the 5 and 15 were converged together and I would like to see the 5 crossed back up soon. The momentum indicators below, however, were showing sign of a possible bounce due to the lines pointing upward from below.
$LRAD was slightly down but it came back from having penetrated the 15 MA line.
The 5 MA was turning down a bit but that would be a normal and healthy minor correction. The ideal action would be for the 5 MA to touch on the 15 MA line and then bounce back up with price making new high. Did you notice that both indicators below are still showing positive upward momentum?
Due to a mixture of down action on half of the stocks, the portfolio only gained a small percentage gain.
Current holdings:
LRAD, KNDI, AMRN, CERS, GALE, KGJI, TINY and 31% cash.
My 2 cents.
If you enjoy the content at iBankCoin, please follow us on Twitter
