Market finally bounced today!
Wow! Did you see that price bounced off the 79 MA line? Magical!
The morning didn’t exactly started out with a big bang going straight up, the bear actually tried to push the bull head under the water but only succeeded for about half-an-hour. The bull, after having suffered a moment of weakness with the bear’s taunting, finally realized that it could use its horn to gore the bear stomach. Ouchwee… the bear let go of the bull and the bull bounced right back up.
Sensing the bull attack, I started to buy back starter position on $CARA and $SEED.
The chart above shows that $CARA could bounce from here. I like to see price takes out the resistance around $20.50ish.
Since I’ve been eyeing $GWPH, the surprised lower open gave me an opportunity to buy back some on the cheap.
The green bar after a near doji bar could be a formation of a bottom. The next few days will be telling.
I like the higher open of $NUGT and added a bit more.
Price closed above the high of two trading days ago and is looking good for the next leg up to take out the 89 MA line. See how the 5 MA line is turning up along with the stochastic indicator below.
Thanks to the gain from $GWPH, $NUGT, and $CARA, my port was able to reduce the bleeding from $LRAD and $SVBL. Ironically, the two new buys acted as a hedge instead of the $TZA which I sold yesterday.
LRAD, SVBL, GWPH, NUGT, SEED, CARA and 55% cash.
From my other account:
$MCIG made a dramatic come-back today.
I knew that if yesterday high was taken out, price would go higher. Glad I bought my shares back yesterday even though I got stopped out earlier in the day.
$FITX remained defensive but that is expected giving that the facility is still in the process of being completed.
My 2 cents.
Categories: Daily trading Journal