11-07-2014 Trading Journal

Looking to the right, then left… nothing in sight, the bull then cautiously trotted onward.

SPY_Daily

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.

NUGT_daily

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.

NUGT_weekly

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.

ura_daily

Weekly chart below:

URA_weekly

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.

BAS_daily

At least the price closed above the 5 MA line which is a good positive sign.

BAS_weekly

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.

DMRC_daily

I take it as a good sign that price did not break below the 23.6% Fib retracement support (blue line).

DMRC_weekly

The weekly chart above simply shows a normal correction after three weeks of up bar.

$LRAD corrected a bit more today.

LRAD_weekly

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+.

ORBC_daily

I like the way price regained momentum to close near the high of the day.

ORBC_weekly

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%.

Current holdings:

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.

MCIG_weekly

I’m waiting for my dividend share of the spin-off for Vitasig.

My 2 cents.



Categories: Daily trading Journal

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