It was a big save when the DOW climbed back up to close positive.
Nevertheless, it is still a lower high and a lower low bar. Yesterday high is still a possible 3rd lower pivot high in development. Therefore, it is important for the bull to maintain the upward momentum by taking out yesterday high this week. If not, I’m riding the bull down the hill from here with $SPXU.
When market started to slide on the waterfall in the morning, I began to peel off some $AMRN and $PLAB to raise cash. It wasn’t long before I sold all $AMRN and $PLAB by closing bell.
When $AMRN took out yesterday low, I knew it wouldn’t be long before it takes out the lower Pitchfork trend line. When price did take out the trend line, I began selling the rest of the position. The next support is $2.25 area; after that, $1.75. I’ll be looking to buy back.
I realized I didn’t want to hold $PLAB if I’m expecting a market correction. I’m sure $PLAB will rally hard long-term but now is not the time to wait it out.
$SPXU took out yesterday high and I naturally added more.
While $SPXU closed red; it is still a higher low and higher high bar. I may use either yesterday or today low as a stop-loss trigger.
$CERS continued to bounce. It is working hard to form a green weekly bar to possible confirm last week doji bar as the bottom. Giving another positive upward momentum, I added more $CERS today.
Price is now on top of both 5 & 15 MA lines.
I added $NUGT when it tried to rally this morning.
Despite the rally frizzled out, I’m still holding for a possible breakout to the upside. Price is closer to the upper symmetrical triangle down-slope line than the lower up-slope line.
$LRAD reversed the three-days down trend with a bounce that signifies a continuation of an earlier uptrend momentum.
From the chart, the uptrend since mid-March is looking healthy and strong.
Thanks to rallies from $LRAD, $CERS, and $NUGT, the gains were enough to offset losses from $AMRN, $PLAB, and $SPXU to squeeze out another 0.70% for the day. YTD gain is now at 18.2%.
LRAD, CERS, SPXU, NUGT and 17% cash.
My 2 cents.
Categories: Daily trading Journal