Whoa! The bear actually stopped the upward momentum from last Friday. I was expecting the bull to simply walk pass the 2nd pivot lower high and be done with it. No! Not just yet.
Tomorrow is a key day to watch to see if the bull still has the mojo to regain the upward momentum. Another red bar tomorrow will only increase the probability of duplicating what happened back in late March when a second red bar begot a third long red bar. Remember, May is not over yet and there is still plenty of time for the bear to confirm the “sell in May and go away” thesis for this year.
After open, $NUGT started to climb in price. I bought a starter position when price took out last Friday high.
Because it is only a starter position, I’m going to give it a bit more room to bounce around.
$CERS opened with an urge to go higher and I added some more to round up my position size. Price bounced around in the morning and then began to climb in the latter half of the day.
Per the daily chart above, price broke thru the symmetrical triangle as well as the 79 & 89 MA lines to the upside. Having been sat on by shorts since late February, $CERS ability to take out the 79 & 89 resistance today is a significant move. Now, let see if $CERS can keep its head above the 79 & 89 MA lines from here.
Both $LEU and $UEC corrected slightly and the drop did not change the overall bullish picture of the chart so I’m not going to post charts today.
$DMRC fell back down to the middle-line of the Andrew Pitchfork pattern.
While down, the overall pattern is still up. Let’s see if it will bounce tomorrow.
Somebody dropped a big one after the open and $LRAD broke below the trading range.
Buyers came out and bid the price back up so it was a nice recovery even though it was still down a bit for the day.
Thanks to $CERS rally today, the gain was able to offset losses from the rest of the team and ended the day with only 0.4% losses. YTD gain is now at 13.5%.
LRAD, CERS, LEU, UEC, DMRC, NUGT and 6% cash.
My 2 cents.
Categories: Daily trading Journal