Where’s everybody? The market made new highs but I didn’t hear any cheers and shouts as we should be hearing. It was rather a “luke-warm” new high. A reluctant bull I dare say.
Seeing the lack of enthusiasm and some slightly dips below water after opening, I got a “calling” that I needed to raise cash. It was just an overwhelming sense of obligation that I had to sell something to raise cash. Seeing that $DMRC had some bids underneath that I could sell to, I started to peel off my position pieces by pieces. While only giving back a little profit from last week, I was disappointed that price rallied over a buck without me on board. And that is the price I’ve to pay when I sell to raise cash and reduce risk. Despite missing the extra-profit today, selling to raise cash and reduce risk will always be a part of my trading process. More often than not, selling to raise cash saved me from larger losses many times over that missing a few rallies here and there is a small price to pay. Btw, just ’cause I felt the need to sell doesn’t mean I’m always “right” about the coming market correction.
Next, I sold $AMRN. Although I mentioned that $AMRN has a powerful support from three converging MAs, I’m always mindful about the general market first. And this is the main reason I always started my journal going over the $SPY or $DJ-30 first. When a storm comes, most trees will bend to the direction of the gale.
I then worked on selling 50% of $LEU pieces by pieces. I was going to hold $CERS but seeing price was taking a tumble, I decided to sell now and buy back later.
Another thing that bugged me to sell $CERS is that price had fallen below the 79 & 89 support lines. Not only that, it also fell below the mini-uptrend line. Price eventually bounced back up nicely with a long-tail underneath the bar. Price barely made it back to the 79 MA though. It is important that price bounces back higher and close above the 79 & 89 MAs to maintain a bullish tone. Anyway, I’m out and now I’ve to look for a spot to get back in later.
After all the selling, my cash balance ballooned up to 46% with only $LRAD, $NUGT, and 50% of $LEU.
$NUGT is struggling to stay above the 79 & 89 MA lines.
As long as price is on or above these MA lines, I’m happy. Still holding, neither added nor reduced.
$LEU dropped to red after an early green bar.
I’m not surprised of the drop since most uranium stocks were correcting as well.
$LRAD is the hero of the day. It singlehandedly brought my port back up after missing out on $DMRC and taking losses on $CERS, $AMRN, 50% $LEU.
Price bounced back up above the 79 & 89 MA lines and out of the consolidation box.
Thanks to $LRAD rally, my port gained 0.50% for the day with YTD gain at 17.2%.
LRAD, NUGT, $LEU and 46% cash.
My 2 cents.
Categories: Daily trading Journal