Today drop reminded me of the roller-coaster ride when the car was rolling over to the steep decline…
Finally, a drop that everyone has been waiting for. And I was quite disappointed that I sold my $TZA position yesterday. What was I thinking? I bought $TZA looking for day like today and yet I sold it based on the result of the Fed meeting. Not to mention that the “Sell in May and go away” mentality also contributed to my buying $TZA in the first place. Sometimes, it could be as simple as having the convenience brought on by technological advance in placing trading order thru a few simple mouse clicks. “Hell, I just sold $NUGT, why not dump $TZA as well?” Click, click, and click. “Wait a minute… what’ve I done!”
$NUGT gapped down at the open and I began to look for a place to buy the bounce.
Price found support at the daily 15 MA and a bounce began to form in the 5 min chart; without hesitation, I began to start buying back some $NUGT. By closing bell, my position is in the money.
$CERS was strong in the morning despite a falling market so I decided to buy back some just in case good news is nearby.
By closing bell, selling pressure could only take this down by two pennies which to me was very bullish since most other biotech stocks were down from 3% to 6%. If market bounces tomorrow, I may add more $CERS.
$LEU, along with $KGJI and $LRAD all corrected for the day.
Corrections for $LEU, $KGJI and $LRAD were temporary reaction to general market sell-off. Their real catalyst for major move will be based on earning update (LRAD) and shareholder update (LEU) next Thursday. Let’s see if the wind will blow my way then…
Oh I forgot to mention that I bought a starter position on $TZA in the morning.
Due to sell-off, my port gave back 2.3% for the day. YTD gain is now at 16.4%.
LRAD, LEU, KGJI, NUGT, CERS, TZA and 29% cash.
My 2 cents.
Categories: Daily trading Journal