The bull and the bear are really going at it. No one can claim Newton’s 1st law of motion. A day gain in one direction is quickly opposed by the counterpart to go the other way.. Today, the bear managed to force the bull back down. Can the bear win another day?
Giving that it was only half-the-bar of yesterday green bar, the bear seemed to run out of gas. Nevertheless, the bull needs to take out the 2nd lower high to win the war against the bear.
Seeing that $NUGT recovered nicely from negative start that I added more $NUGT when it settled back in the positive territory. Later in mid-day, a sudden burst of rally prompted me to add more to bring it back to full-size position.
If you look closer to the daily chart above, you will notice that $NUGT is forming an ascending triangle. And it looks like it is ready to break out of the resistance above soon.
$SPXU bounced off from support and began the process of creating a triple-bottom formation.
If the bounce continues upward this week, the triple-bottom may become reality. I also added a bit more when I see price bounced back up to positive territory.
$AMRN bounced with a bullish engulfment bar so I’ve to buy my starter position back.
Price is above the blue trendline. It it bounces further tomorrow, I may add.
$LRAD also bounced back some.
Another green bar is needed to maintain a healthy uptrend line.
Thanks to LRAD, NUGT, and SPXU all bouncing, my port gained back 1% for the day. YTD gain is now at 16.6%.
LRAD, NUGT, SPXU, AMRN and 29% cash.
My 2 cents.
Categories: Daily trading Journal