Albeit a down day, it was more like a neutral day to me. The bear didn’t really win much today.
Price rallied some after the Fed meeting and it was able to close above the 15 MA line. Not seeing a melt-down, I dumped my $TZA to lock in gain not long after the Fed meeting. While I gave up some dough by getting out early, it was the right thing to do at the time.
$NUGT was up strong until the Fed meeting. When price dropped below $13, I sold my position to lock in gain. Hindsight speaking, I sold too soon; but then it could drop pretty quickly too if the bear had its way.
Seeing that price dropped from the converging 79 & 89 MA lines right before the Fed meeting was over, I realized it is a strong resistance. Thus, I’ll probably wait to see how price reacts to the resistance before deciding if I want to get back on this horse.
$LEU corrected a bit today.
After almost a dollar move from 7 days ago, it is quite normal to take a breather. I’m still holding. In fact, I added more today.
$KGJI had a yoyo day but price still closed a bit higher which is good enough for me.
It was another doji with long tails on both end. Not sure if this can be a possible topping formation but I’ll find out soon.
$LRAD bounced higher to close above the previous consolidation range.
It is a good sign but price still needs to climb over the 79 & 89 MA llines to get back on bullish territory.
Thanks to rallies from $LRAD, $TZA, and $KGJI, gains were enough to offset drawdown from $LEU to squeeze out 0.60% gain for the day. YTD gain is now at 18.7%.
LRAD, LEU, KGJI and 39% cash.
My 2 cents.
Categories: Daily trading Journal