Look at the bull run! I believe somebody put a firecracker on the bull’s behind and it did the trick pronto.
Needless to day, the possible third lower pivot high was eliminated as a result of today run. What is left now is a possible 2nd lower pivot high in development. There isn’t much of a distance for the bull to make a new high from here and the bear is going to have to work overtime to stop the bull from doing so. With today momentum, I don’t think the bear has the energy to fight a battle so far away from home. After all, the market is near the top of the bull mountain and it is no place for the bear to exercise full strength unless the bull slips on the banana peel and roll back down the mountain. What is the odd of that happening?
Unfortunately, my port was not able to partake in today bull run. I made a decision to jump back in $NUGT when price took out the 79 & 89 MA to the upside. Although price eventually fell back down and gave back most of the gain for the day, my decision to get in was the right move giving the breakout had occurred. I decided to hold on to the position to see if price will bounce tomorrow.
You can see price is sitting on the 79 & 89 MA line at the moment.
$CERS corrected a bit more.
But from the chart, over all trend is still up.
$LEU was down a bit also.
While I didn’t like the fact the price is now below the 5 & 15 MA line, the drop is still inside the bull range.
Meanwhile, $UEC took out the previous high of $2.88 before profit-taking brought it back down a bit.
Price is still on an up and up. While I’m sitting on healthy gain, it is tough deciding between taking profit and riding the trend further up. It depends on my conviction in the long-term bull trend in uranium. I’m going to try to sit on my hand on this one as long as I can.
$DMRC did good today but it also suffered from profit-taking later in the day.
Before buying $NUGT, I actually thought of adding more $DMRC. However, the low float and thin volume pushed me to buy $NUGT instead. Maybe I will come back to add to $DMRC down the line.
$LRAD tried hard but did not make the cut to close positive.
It fell back down inside the consolidation range. At this point, this is a waiting game.
Due to taking heat from four out of six stocks, my port gave back 0.5% for the day. YTD gain is now at 15.9%.
LRAD, CERS, LEU, UEC, DMRC, NUGT and 5% cash.
My 2 cents.
Categories: Daily trading Journal