The bull slipped badly today. A misstep and “Whoopphhh…”
Tomorrow is an important day for the bull to stop playing around. It needs to rally hard to counter the bear momentum. As you can see on the daily chart above, There are three keys supports below current price: 1) the uptrend purple line; 2) 79 & 89 MA lines; 3) Dec 31st, 2014 closing price. If the bull allows the bear to penetrate all these critical supports to the downside, that could only means the bear has more mojo than the bull.
With a down market, my $TZA position finally got back into the green territory.
Today green bar was a good start. Now it needs to penetrate the overhead 79 & 89 MA resistance; if it can succeed, the upside momentum will be strong.
$NUGT, on the other hand, could not hold on to the gain after a higher open.
Price fell back on top of the ascending triangle. Because I’m bullish on gold, I’ll continue to hold.
$LEU did a great job closing higher while the market went south.
This stock has a very small float. If Thursday shareholders update has positive bias, price will move fast.
With gold opened higher, $KGJI also went up in the morning. I waited to see if price would fall off like yesterday morning. It didn’t. Thus, I bought back some shares to look for a bounce.
See the support around $0.99? That is where I’m counting for it to bounce. Today is a good start.
$LRAD was able to recover completely with high volume.
Price continues to be on top of the 79 & 89 MA line.
Regarding $AMRN and $CERS, I sold them in the morning to take small losses when market was down.
Thanks to rally from $TZA and $LEU, gains were enough to offset losses from $NUGT, $AMRN, & $CERS evenly. In other words, there were no change to my port for the day. YTD gain remains at 15.4%.
LRAD, NUGT, TZA, LEU, KGJI and 21% cash.
My 2 cents.
Categories: Daily trading Journal