Market opened higher and it was a much needed bounce to add to the belief that this uptrend is not over yet.
Due to rally after the open on $NUGT, I added. And when the rally proved to be persistent (in the morning still), I sold almost half of $XONE to cut losses and moved the fund to $NUGT.
Notice price is still struggling to maintain bounce. Why am I looking into picking bottom on $NUGT here? You may wonder…
I’m convinced that gold may be bottoming here because the monthly chart of $GLD is now reflecting a 50% correction from historical low and high.
Did you see how the 50% retracement is landing right on the 79 & 89 MA lines? These kind of visual support is what give me the confidence to buy “potential” bottom with small risk.
While I like $XONE to be long-term play, I’m still subjected to the pull of the chart patterns. $XONE took out yesterday low so I had no problem letting some shares go to add to $NUGT.
If $XONE can bounce off the support (blue line), I may buy back shares I sold with cash from sales of some $GALE.
$GALE took out last Thursday low and price fell below the 5 and 15 MA lines. Even worse, the 5 had crossed below the 15 MA line as well; hence my lightening up $GALE position by 1/3 today to raise cash and reduce risk.
I still think $GALE will rally later so I’m looking to buy back cheaper if possible.
$KNDI rallied strong after open but gave back most of the gain later in the day. The good news is that price closed higher for the day.
Notice that I re-drew the downtrend line to align with the high of previous bars which put today at a breakout day instead of last week. If this week can maintain momentum, we may see a solid up bar by end of week.
Glad to see $CERS bounced today ’cause I needed the confirmation that the support line is holding. It is so far.
Now, $CERS need to continue to bounce to move away from the support line. The sooner it gets back above the 79 & 89 MA lines, the less stress it will be on my portfolio.
$LRAD, $KGJI and $TINY are still struggling to maintain ground; thus, even with DOW up over 100 points today, my portfolio was at breakeven where small gains on some positions offset small losses on others.
LRAD, KNDI, CERS, KGJI, TINY, GALE, NUGT, XONE and 5% cash.
My 2 cents.
Btw, $PHOT is doing FANTASTIC on my other broker account. Because this is a long-term hold for me, I may see some give back of unrealized gain due to profit-taking sooner or later.
Categories: Daily trading Journal