Market continued to move higher after a pause yesterday.
Look like we have another rally May instead of a “sell in May and go away” month.
Today I sold $AMRN to lock in gain as well as some $BIOS.
I sold $AMRN ’cause there was no follow up to the rally yesterday. Not long before close yesterday, there was a high volume sales that was as large as the afternoon spike which sparked my interest in buying more. After noticing the big volume sell off, I concluded that the original large order spike must had been an input error on the part of the trader/fund. Before closing, I’m guessing that the same trader/fund must have dumped the shares to correct the error. With this assumption, I sold $AMRN when I found price could not hold $1.47 after some attempts in the morning.
By day close, $AMRN formed an inside bar which could be either a pause to the upside or a potential topping before heading back down. I’m staying on the sideline for now.
Seeing that $BIOS could not move much in the morning and the S&P500 was struggling to stay positive, I decided to sell off the $BIOS position even though I thought it would be a good bounce from here. If the market correct, $BIOS would surely go down quickly with it.
I was proven wrong when price took out the opening range to the upside. Upon seeing the breakout, I bought back 50% of my original $BIOS shares.
Price closed with a doji bar. Let’s see if this is a pause bar or a setup for a reversal.
$DMRC bounced back some today as well as $KGJI.
I like to see today pattern as a confirmation of $KGJI starting the 3rd wave of the 5 waves Elliott Wave pattern. In other words, $KGJI is going to take out the resistances ahead and rally hard since the 3rd wave of the Elliott wave is usually the longest wave of the 5 waves pattern.
Despite minor corrections from $LRAD, $SEED, and $DNN, gains from $DMRC and $KGJI more than offset the losses and my port remained slightly positive (close to breakeven) for the day. In summary, my port did not move much today except to stay on the positive side.
LRAD, DMRC, KGJI, SEED, BIOS, DNN and 20% cash.
From my other account:
Since I didn’t have $FITX to tie up my cash, I decided to venture in $NVLX. I’d been eyeing this one for awhile but didn’t want to get in until the downtrend was stabilized. Today was the second up day since the downtrend so I thought it was time to get in.
Price today closed at the 89 MA resistance line but was above the resistance from April low. If price can take out the 79 & 89 MA lines from here, $NVLX will be heading back up with the possibility of not coming back to this level ever again if their “cell-in-the-box” technology proves to be effective.
$FITX corrected some today. Even though I don’t have any $FITX now, I’ll be watching it on the sideline.
My 2 cents.Comments »