Just when you thought the market might make another attempt to break out of resistance, it went the other way once again!
I believe the market is range-bound currently. It will probably be trading inside the range for the duration of the summer. Time to brush the dust off the “range-bound” trading strategy book to refresh my memory. Basically, in a few words, take quick profit when you see it, forget buy and hold for now.
Not so fast!
I’m still going to be holding $LRAD, $DMRC, and $SVBL for long-term since these are event-play.
Today, I didn’t do much except to take small losses on my $CARA and $CCJ trades I bought yesterday. I also tried bottom-fishing on $AMRN but got out by day-end since it could not hold $1.30 support.
Meanwhile, my port is taking a 1.75% dip from corrections of $DMRC, $SVBL, $KGJI, $LRAD plus day-trading losses from $AMRN, $CCJ, and $CARA. YTD gain is now a bit over 7%.
From other account:
Mostly cash. Out of $FITX since yesterday. I may engage in short-term swing trading or day-trading with this margin account to see if I can trade the range-bound market.
My 2 cents.
Categories: Daily trading Journal