Market succumbed to the bear pressure and went down today.
While the overall trend is still up, today down day penetrated the current short-term uptrend line that started from April 11th. While this minor dip may not mean anything for now, we will need to watch the future price action carefully. If price can climb back above the uptrend line, the bull is still in charge. If this short-term uptrend line cannot hold, then the next support is the support line around $SPY 195. After that, the 79 & 89 MA support line at around 193.
Today, four of my stocks were up while three were down. $HYGS took out Friday high but gave back gain to close a bit lower due to earning update tomorrow. Where price heads next will depend on tomorrow earning guidance. Since I’m bullish in hydrogen fuel cell technology from $HGYS, I’m holding this stock for long-term despite earnings announcement tomorrow.
$DMRC bounced slightly but I take it as further support at Fib 61.8% retracement.
$ORBC and $AMRN bounced nicely to reflect potential bullish stance.
Notice that $ORBC is bouncing off the support line.
While $AMRN today bounce may be a prelude to breakout of the small symmetrical triangle.
Thanks to $LRAD partial recovery today along with three other positive up stocks, my port was able to gain back 0.6%. YTD losses is now 2.8%.
Current holdings:
LRAD, DMRC, HYGS, STV, KGJI, ORBC, AMRN (100% invested/speculated)
My 2 cents.
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