Market, like a newly minted wonderboy, simply walked past the resistance as if it was nothing to be bothered with.
$SPY closed at new high. Let’s see if this wonderboy can continue to walk up the hill.
Well, today is the day my port take a pause and go thru the “correction” phase after hectic days of moving up in a fast-paced speed.
$STV started the correction with a less than stellar performance. My expectation was dashed when the revenues were less than same quarter.last year. I was expecting some add’l revenues from the new “cloud” members but that hasn’t even begun yet. Oh well, while not hitting the ball with $STV, I was spared by the fact that price did not gapped down 50 cents or more at the open. It gapped down moderately and I took the opportunity to get out when the momentum after the open was to bounce some. Thus, I was selling into the bouncing price instead of a falling price. Whew! I cut my losses nicely by executing my exit plan without hesitation.
With the proceed from the sales of $STV, I added some more $AMRN, $HYGS, and $ORBC to round up my investment size.
$LRAD finally took a tumble after eight day of going straight up (ok, with one day in the red three trading days back).
While it has a bearish engulfment candlestick pattern, it still needs to be confirmed by taking out the low of today bar. I’ll be looking to buy some $LRAD for trading with my other account.
$HYGS continued to correct.
Price is now settling at the support line. Let’s see if it can bounce from here. I added some more around this support area.
$AMRN also dropped a bit.
But chart still looks bullish.
$DMRC and $ORBC are still struggling at the bottom of the trend. I still have strong conviction on both to continue to hold.
Due to all five stocks being down plus the losses I’d to take for $STV, my port gave back 4.8% today. YTD gain is now at 12.5%.
Current holdings: (and then there are five…)
LRAD, HYGS, DMRC, AMRN, ORBC and 5% cash.
My 2 cents.
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