The market has another jolly good day. Together with yesterday rally, price more than made up for the big down day on Monday. We may end up with an up week after all.
$XONE opened down but bounce back up from last night after hour low. Because of this, I was able to move my stop to breakeven instead of getting out with a net loss. Lo and behold, I got stop out at breakeven which meant I gave back all the unrealized gain. Oh well, moving on.
Next, $AMRN opened higher and that was very positive to me. I immediately bought back 50% of my original size to bet on the FDA outcome.
As you can see on the 5min chart above, price began to climb pretty fast two hours after the open and I began to sell off some $CERS position to raise cash to double down on $AMRN. Basically, I’m back on the original size risk.
Why would I do that? Since no one really know why the price went up, I had to assume that someone know something. This was the same pattern when price dropped big before the bad news on AdCom became a reality. Alas, price could not hold and fell back down from the high of the day. To top it off, FDA delayed the decision.
Common sense suggested that FDA was leaning on some compromise with Amarn; otherwise, they would just come out and say no. They could have said no on Dec 20th. Nope, they could have said no today. Nope. I guess I’ll continue to hold my shares tomorrow.
I also like the way $GOGO spiked up after open so I used the cash made available by sales of $XONE to get into position. Unfortunately, price could not hold and I was under water not soon after.
Since price is still trading near the 79 & 89 MA lines on the daily chart, I’ll hold onto my position for the time being.
$SEED continued to head higher after I bought yesterday. I take it as a good sign.
I like the fact that price closed above the 5 MA line. I also like the healthy volume for the last two days during the bounce.
While $CERS and $XONE brought me down some today; this was nothing compared to upside momentum $KNDI did today. Late into the day, $KNDI woke up from a long rest and just took off to break out of the consolidation. It was quite a wild ride.
From the look of it, seem like price can continue higher.
Needless to day, $KNDI today brought my portfolio into higher ground once again.
Current holdings:
KNDI, LRAD, CERS, KGJI, GOGO, SEED, AMRN, TINY and 3% cash.
My 2 cents.
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