The bull had a bad hiccup but recovered later in the day.
Price bounced off the 5 MA line and closed only a bit lower than yesterday which is actually a good sign considered that there would be no more QE.
Today, I was literally shaken off my position on $GALE. Seeing price fell off all of a sudden to low $2 from $2.07, I started to unload my position ’cause I didn’t have a lot of conviction on this one. I also began to see the recent bounce as a possible ABC correction pattern if the breakout to the upside didn’t work out. Seeing that Monday is the earning day, I decided it was too risky to hold at this point. As usual, after I was out, price jumped right back up and even closed higher for the day. This is what happen when you don’t have conviction on a stock. With the conviction I’ve for $LRAD, $DMRC, and $ORBC, the short-term trading volatility does not faze me at all. One way to explain it is that my conviction has grown root into my mindset such that it is as strong as a tree with root in the ground.
$AMRN is like a tree that has been blown off the ground by tornado so many times that it no longer has strong root. Thus, any slight disagreement with the price direction can trigger my mental stop loss quite easily. With price dropped to near 0.9 even, I unloaded $AMRN to take small losses.
$NUGT was a no brainer in cutting losses when price dropped like a rock after spiking up to $19.4x. I cut my losses when I realized $18 was not going to hold.
$DMRC showed strength when it was able to counter the sell off to close higher for the day.
In its subtle way, it actually had a higher high and a higher low for the day.
$LRAD had a slightly lower closing.
Nevertheless, price is still above the 5 MA line.
Due to losses from $AMRN, $NUGT, and $GALE, my port gave back 0.7% today with YTD gain at 10.7%.
LRAD, DMRC, ORBC and 15.6% cash.
From my other account:
I’m still holding $MCIG despite another smaller drop today.
From the chart, It may bounce from here due to a smaller range day and lower volume.
My 2 cents.
Categories: Daily trading Journal