Looking to the right, then left… nothing in sight, the bull then cautiously trotted onward.
Price continued to move higher; however, it needs to pick up speed soon or it may start to dip down.
Today was a correction day for my port. Except for the energy and gold, the rest was down.
I added more $NUGT when it took out yesterday high. Unfortunately, I was still recovering from Wednesday stop-out when I loaded up big; thus my position is only half of what I bet in Wednesday’s chip size.. In hindsight, I was one day too early in loading up. Sometimes, suffering a bigger hit can affect your propensity to remain aggressive in the same stock. Instead I diversified my cash to $URA to play safe. Although $URA also bounced, it did not bounce as much as $NUGT. But these are all hindsight talking, I should be happy that today price gain on $NUGT recovered the losses I took in Wednesday stop-out. And I should be happy that I went back in despite multiple times of stopping out for small losses.
While the bounce is impressive, it has yet to prove that the bottom is in. Although I like to load up “at the bottom”, sometimes you just have to take the gift of the momentum when you see one.
The weekly $NUGT chart above shows the first weekly green bar after nine consecutive red bars. I may add a bit more if price continues to advance.
$URA has an impressive bounce today. I’m so glad I’ve decided to buy some yesterday. Sometimes chart reading can help you get that “nudge” to move in. The double-bottom setup was a tale-tell sign even though it wasn’t a guarantee, the odd is better than 50% a bounce can happen if the price did not drop the following day. That was why I bought yesterday when it did not open down to negate the up day before. And when price opened higher today, it increased the odd of a continued bounce so I double-down after the open.
Weekly chart below:
Both daily and weekly charts show a strong bounce. As long as price does not take out recent low from here, I believe we are seeing the bottom in uranium.
$BAS also bounced but not as much as $URA. However, I’m taking any bounce regardless of % gain since a continuing upward momentum is needed to change the trend back to up.
At least the price closed above the 5 MA line which is a good positive sign.
The weekly chart, on the other hand, is not so encouraging. The next weekly bar needs to take out the high of this week bar to confirm a good reversal bounce. Nevertheless, the 2013 low is right below to act as support.
$DMRC spent the week consolidating around the low of Monday down day.
I take it as a good sign that price did not break below the 23.6% Fib retracement support (blue line).
The weekly chart above simply shows a normal correction after three weeks of up bar.
$LRAD corrected a bit more today.
While there wasn’t much of a follow-up to Tuesday big move day, the weekly bar above still shows a price increase from last week. In other words, price is advancing slowly. I’ll take that anytime any day over a down week.
$ORBC was down ’cause the secondary offering is priced at $5.60. Price has no choice but to follow-thru to find the equilibrium. But it doesn’t need to stay there as I’ve learned the hard way from $CLDX which I got out after the offering and missed the spectacular rise from $7 to $20+.
I like the way price regained momentum to close near the high of the day.
From the weekly chart above, I like the fact that price regained momentum to close above the 89 MA line. I’m excited about the acquisition for I believe it will put $ORBC into strong competitive advantage over the long-run in the M2M sector. I’m holding this one for long-haul.
Due to corrections from $LRAD, $DMRC, $ORBC and thanks to gains from $NUGT, $URA, and $BAS that helped cushion the losses, my port gave back 2.2% for the day with YTD gain now at 10.5%.
LRAD, DMRC, ORBC, BAS, URA, NUGT and 3.8% cash.
From my other account:
$MCIG had a good week with this week bar higher than last week.
I’m waiting for my dividend share of the spin-off for Vitasig.
My 2 cents.
Categories: Daily trading Journal