Today was a game of submarine. First, the DOW would sink under the water after open, then it would float back to the top and see the blue sky.
It was a good save for the bull to climb back the way it did today; but it ain’t out of the wood yet, yesterday high can still be a possible 3rd lower high if the bear takes back the steering wheel the rest of the week.
Because of the drop in the morning, I bought $TZA to short the small cap.
Although the market rallied after I bought, I decided to hold on to my $TZA position to see if the market will sell-off tomorrow. Notice the price is still on top of the 5 & 15 MA lines.
$NUGT and $LEU performed quite well today.
$NUGT opened with a bang and just kept going up. And when it took out yesterday high, I added a bit more.
From the daily chart above, price finally broke out of the ascending triangle to the upside. If price can take out the converging of the 79 & 89 MA lines above, it will be a very bullish signal.
$LEU also rallied strongly today.
Price formed a cup pattern so far; all it needs to do now is to close higher than the March 24th high of $5.72. Perhaps tomorrow it will achieve that. If you look at the other uranium stocks, they are all on fire. I still kicked myself for not buying $UEC when it was $1.7x. Oh well, water under the bridge now but am glad I bought $LEU to play catch up. Who know, it could be a blessing in disguise since $LEU can fly a lot more higher if there are life sign on the American Centrifuge Project.
I took a hit on $CERS today by literally giving back all gains.
Price kicked off with a persistent waterfall action that I had no choice but to start liquidating along with others before my position went from sitting on decent profit to a sea of red. Seeing that a lot of other biotech stocks were falling as well, I decided to stay out of biotech stocks for the time being.
Before I got out of $CERS, I bought some $AMRN after price drop at the open due to FDA’s Complete Response Letter (CRL) confirming rejection of the expanded label until the result of the Reduce-It trial is reviewed. And when the DOW started to track lower later on, $AMRN began to head lower to $2 and below. I decided to cut my losses quickly to take a break from biotech stocks.
Price is snow floating on top of the 79 & 89 MA lines. Let’s see if this support will hold.
$KGJI bounced a bit higher.
It closed as a doji bar which could as well be a pause-and-continue pattern since price is still faraway from the overhead resistance to be considered a possible topping formation.
$LRAD also bounced some today which is good.
Price now closed above the 15 MA line. The overall pattern is still up since mid-March.
Despite bleeding from $CERS, $AMRN, and $TZA today, gains from $NUGT, $LEU, and $LRAD more than offset the losses to squeeze out 1.2% gain for the day. YTD gain is now at 18.1%.
LRAD, NUGT, KGJI, TZA, LEU and 25% cash.
My 2 cents.
Categories: Daily trading Journal