The portfolio was down for the third day in a row, however, it was by a small enough amount, that you could almost call it breaking even. I am actually pleased with this loss, because the way today was going, I thought I was going to take a real bath. It looks like my final purchase of the day, the one that I caveated by saying, "I might be making a mistake here", turned out to be the one that saved my butt for the day. That of course was my buy of NYNY, which looks real good on paper right now, due to a very generous close. The stock was trading at about $4.79, when that last trade at $4.87 came through. I'll go over that stock in more detail below. The other stock that helped my cause was AXYX, although I really expected more than what I got by the close. I am hopeful that will come to fruition tomorrow. MZ was even, but since I counted it as up .03 yesterday, when it was up .02 (I missed a trade after the close yesterday), I had to put it in as down .01 tonight. The other stock that was just about even was ONT (I was only down the commissions). I will talk more about this one below. I finally got rid of RHEO, I had hoped that $3.61 would be a double bottom, but that was not the case. Pretty hard to understand why that one keeps dropping. The stock is almost as low as it's lowest point after they announced that their drug did not work in the Phase III trials. Now that we know it works, the stock is virtually at the same price?? Technically it looks like the stock will keep going down. I will wait till the RSI falls below 30 again, before considering buying again. The biggest drag on the portfolio today was VLNC. That was a big surprise. It really had looked good technically. The stock had broken over, and then closed above it's 200 DMA for two days in a row, the MACD had just turned positive, and the RSI was pointing up. When all of these indicators are looking good, usually, the stock will move up. Obviously, TA is not 100%, but it is normally pretty accurate. I will keep an eye on this one. If it pulls back to around it's 50 DMA ($2.01 right now), I will most likely be a buyer. Now onto the recap:
ONT - Closed at .79, down .01, on very low volume. Range was .77 to .80. That low is a little bit of my problem with this one. The 200 DMA is .78. However, I am hoping that two things will help me out here. One, looking at the chart you can see the last time the stock barely broke the 200 DMA, it then made a nice move up afterwards. In that case to .87, which represents stiff resistance. Secondly, there seems to be very solid support at .77 (50,000+ shares at the bid). Those things don't always work out, so I'll just have to see how it goes tomorrow. If .77 falls, or looks weak, I will sell. Right now the MACD looks like it could go either way, so that is no help, but at least it doesn't look bearish. See current chart below:
AXYX - Looking at the chart below, all systems still seem a go here. I guess there is the chance for a little consolidation tomorrow, before the next big move up. However, with the way things look, I am more inclined to think we will see another move up first.
NYNY - Closed at $4.87, up .31, on heavy volume. Range was $4.65 to $5.17. The stocks day started out very promising, as it surpassed a number of key resistance levels (I have two of them indicated with green lines), including the 200 DMA. However, the stock then pulled back severely in the afternoon. It closed as high as it did, due to a last minute trade above the ask. Looking at the chart, it is a mixed bag. The MACD seems to be moving positively, however, looking at it's history, I could see that changing easily. The RSI is pointing higher, and has room to go. The recent trend has been positive. However, we are close to forming a Death Cross, which is very bearish. Then I have one other indicator, which is not very scientific. I have noticed that when a stock first breaks through a major moving average, it almost always go up higher the next day, at least initially. Obviously, don't bet the farm on that one, but I am certainly hoping it works that way tomorrow. I will look to sell on any kind of rally. I think it will make another attempt at $5.00. If it falls short it will probably go in the tank quickly. See current chart below:
MZ - Not much to add here, other than to re-emphasize that I think this one should have a nice day tomorrow. The MACD looks very good. The chart for this stock is in the post below.
That's it for the wrap-up. It has not been a great last three days, however, each day has improved, so hopefully that trend will continue. Have a great night!
