It was a sad sad day not because the market traded down but because of the needless dead in the shoot-down of the Malaysia airline. What happened to fighter jets escorting you back to your own route? Wait, did that happen only in the movies?
From the chart, the resistance from previous high proved to be very formidable. There is a support from recent low. If that support holds, we are back to a trading range.
Needless to day, I took a blood bath with my positions with $LRAD, $DMRC, and $HYGS leading the spillage. Both $DMRC and $HYGS are super low-floated stocks, so they tended to be super-sensitive. $LRAD was simply too illiquid to defend itself. Surprisingly, $STV was trading strong today and still closed higher for the day albeit giving back some gain. $KGJI was also closing up.
With only two stocks up for the day, they were no match for the avalanches of the other five stocks. Thus, my port gave up another 2.2% for the day. YTD loss is now 4.9%.
Despite today bloodbath, I actually didn’t feel that bad. For I know that the seven stocks in my port have the potential to make history in the next few years. So, I’m just going to sit and wait out the drawdown instead of trading in and out like I used to do. There are always potential for a sudden spike-up in my positions so I’m not too worried yet.
LRAD, DMRC, STV, HYGS, KGJI, ORBC, AMRN (100% invested/speculated).
From my other account:
Surprisingly, $FITX didn’t come down like everyone; instead, it went higher.
My 2 cents.
Categories: Daily trading Journal