The bear didn’t have a chance. The bull simply dragged the bear along in its pursue of height.
The above is the weekly chart. See how it ended the week escaping the tan rectangular box? While it didn’t close above the box, it was definitely good enough to call it a win for the bull.
While the market was up, my port had a minor correction which was to be expected after it had defied gravity for most of the week.
I sold $KNDI in the morning when I still had profit to take. I didn’t like the high open and then a sell-off afterward. I also bought some $NUGT for bottom-fishing with a GTC hard stop below the lower bollinger band from the daily chart. I wasn’t stop out by day close.
$LRAD and $AMRN were even for the day with $DMRC, $ORBC, $INFN, and $NUGT closing in the negative territory.
Below are the weekly chart which show more bullish tone except for $AMRN and $NUGT which are more on the fences.
$LRAD weekly chart below::
I like the fact that price closed above the middle line of the long-range Andrew’s Pitchfork (purple lines).
$DMRC weekly chart below:
This week bar completely recovered from last week red bar. Now it just needs to get over the 79 & 89 MA lines to begin the bull move.
$ORBC weekly chart below:
It was a strong green bar above the 79 & 89 MA lines. Breaking out of $7 resistance will be the next target.
$INFN weekly chart below:
While I was late going in, this weekly bar looks strong for continuing upward momentum. Price is also above the 79 & 89 MA lines.
$AMRN weekly chart below:
Price was neutral at the bottom. Price needs to stay above $1 for survival sake.
$NUGT weekly chart below:
What more can I say, it is a catch-the-falling-knife play with a hard stop. The reason why I decided to play this one is because of last week “almost” doji bar. It could mean a possible bottom. If it bounces from here, I’ll be OK; if not, I’ll be stopped out for sure.
Due to some minor corrections from $DMRC and $ORBC, my port gave back 1.2% for the day with YTD gain at 5.39%.
LRAD, DMRC, ORBC, AMRN, INFN, NUGT and 3.6% cash.
I noticed that $IBIO went higher today to close above $3. While I did not take the trade, I’m happy for those who is sitting on profit. I’m quite content with the money I made off from $IBIO and was “relieved” to be free from it. To get back in will cause me to stress out about giving back gain I’ve made. $IBIO is currently floating on air based on nothing more than their IP portfolio. Any news of containment of the Ebola over the weekend will cause a gapped down situation in Monday morning. I for one will certainly wish that this deadly Ebola will be contained over the weekend.
Wisdom from Warren Buffet:
“With a wonderful business, you can figure out what will happen; you can’t figure out when it will happen. You don’t want to focus on when, you want to focus on what. If you’re right about what, you don’t have to worry about when”