A small hiccup, nothing to write home about, was all that happened to the bull today.
Price is still on top of the 5 MA line. The bullish trend is still intact.
The correction today on my port was expected after the spectacular up day yesterday.
When $NUGT opened lower, I watched the opening range to see where it would go. But when price started to trade down to the lower boundary of the opening range, I did not like the “sense” I was picking up. I checked the $DUST chart, the counter-party to $NUGT, to see how price was trading. I was surprised to see that price was bouncing off the daily 79 MA line. Knowing that this support line is powerful, I did not want to challenge it; thus, I sold $NUGT to lock in gain even before it broke thru the lower opening range and immediately bought $DUST for the bounce off the 79 MA line.
The trade became profitable not long afterward; however, price began to gave back earlier gain going into the Fed release of the minutes. While I was still in the money with $DUST, I decided to hold thru the Fed release ’cause I didn’t see why the Fed would change its mind to start buying bonds again when oil price has been careening down for the last four months. Needless to day, I was corrected to hold.
Price bounced off nicely off the 79 MA line and I’m glad to see price closed above the 89 MA line as well. Let’s see if this one can bounce further tomorrow.
Despite a down day, $LRAD was holding its ground very well after the yesterday big up day.
Tomorrow after hour will determine if price can continue to rocket higher from here.
$AMRN also corrected.
What bother me the most is that price is now banging its head against the 79 & 89 MA resistance lines. I like to see price climb over it and stay above it for the bull thesis to be strong.
$ORBC also recovered nicely after bouncing off the 79 MA line.
There is really nothing to do now but wait for development. I’m in this one for the long haul.
Lastly, $DMRC corrected some more.
Price is now at the 79 MA support line. I like to see this support hold.
Due to $DMRC drawdown and minor corrections from $AMRN & $LRAD, my port gave back 2.3%. YTD gain is now at 20.2%.
LRAD, DMRC, ORBC, AMRN, DUST (100% invested/speculated).
My 2 cents.
Categories: Daily trading Journal