The bear finally took the air out of the bull.
Both 79 & 89 MA lines were penetrated to the downside. The next support is the old high of April.
Despite the 200+ point fall on the DOW, I was fortunate to see $LRAD came back down from the low of the day to close higher. By doing so, it offset losses from $DMRC, $ORBC, and $IBIO to the point where my port only gave back 0.1% with YTD losses at 4.9%.
In the morning, I saw $NUGT being the few rare stocks that were up instead of down; so I took a risk and bought some for the bounce with a hard stop below intra-day low. I wasn’t so fortunate on this trade, my stop was hit and I took my losses. It was really an unnecessary losses for I had no business buying in a down market. While I escaped more losses from $HYGS and $AMRN by getting out on Monday, I did not escape my own impatient today. Oh well, moving on.
LRAD, DMRC, ORBC, IBIO and 6% cash.
My 2 cents.
Wisdom from Warren Buffet:
“With a wonderful business, you can figure out what will happen; you can’t figure out when it will happen. You don’t want to focus on when, you want to focus on what. If you’re right about what, you don’t have to worry about when”
Categories: Daily trading Journal