You can tell the bull is tired. The constant struggle with the bear is taking its toll.
While an up day, it was a weak one. Price gave back half the gain for the day to close. Let’s see if there is still more gas in the bull tomorrow.
$NUGT opened higher and stayed high in the morning; $KGJI followed the same direction but did a 180 degree reversal soon after. It was quite disappointing. What could be the reason for the 23%+ drop last Friday with no news? If no damaging news, I expected a bounce today. Instead I got more selling. Thus, I decided not to fight the mysterious reason for the sell-off and sold all my $KGJI to cut losses. With $KGJI gone, I added a bit more $NUGT.
$NUGT bounced back above the ascending triangle and that is good news. Again, the formidable resistance is the converged 79 & 89 MA lines above. If price can take out that resistance, it may kick off a long-term uptrend from here.
$CERS was strong after open so I added some more.
Earnings will be released tomorrow after close and I’m wondering if I should lighten up tomorrow before the close.
$TZA was down but recovered some before close.
Despite the two red bars, I’m still willing to take some heat holding this one. With the bull getting tired, $TZA may bounce anytime.
$LRAD did good today.
Price bounced back above the 79 & 89 MA lines with higher volume.
Seeing that $AMRN did not drop further down but was bouncing off the 89 XMA line, I bought back some position looking for a bottom.
If price continues higher from here, it is further proof that the 79 & 89 MAs are powerful support/resistance lines.
$LEU dropped a bit but it matter not until shareholder update is released this Thursday.
Thanks to $LRAD, $NUGT, $CERS, my port gained back another 2.4% despite losses from $KGJI, $LEU, and $TZA. YTD gain is now at 15.4%.
LRAD, NUGT, TZA, LEU, CERS, AMRN and 11% cash.
My 2 cents.
Categories: Daily trading Journal