Did you see the cautious bull? It poked its head above the new high to take a peek…“Should I go forward?”
So far, we had three days of up days after a big up green bar. Today bar could possibly be classified as a doji bar. Yep, another doji bar near resistance could spell trouble. The bull better makes up its mind to move forward or the bear will reach up and drag the bull back down below.
Got a hit on my $NUGT position. It opened down and I put a stop below opening range. The stop was hit and I got out with a losses.
From the look of the daily chart above, price penetrated the uptrend line. If price could not climb back above the trend line soon, it may fall further down. Bang! Just like that, a possible bull run on $NUGT was snuffed out in a jiff. Such is the everyday tales of the trading woes.
I found $MNGA last week but didn’t want to commit until recent news weaved a fabric of legitimacy to the MagneGas technology. First, it was the U.S. Navy, today was the “top” utility company. If the potential and the technology is for real, this company is WAY undervalued with a market cap of $53 million. So, I’ve to speculate on this one or I’ll kick myself for missing it.
Since today buy was of a “chasing” nature, I’m currently underwater on this. I’ll wait it out for the June demo.
With $CCJ dropping 5+% today, $LEU was holding quite well in comparison.
The lower Pitchfork line is now a key support.
It’s boomerang day for $LRAD. Price gyrated wildly and ended a red bar with long tails on both sides.
More news on add’l mass notification sales will kick this one up on an upward momentum.
Losses on $NUGT and drawdown from $LRAD, $LEU & $MNGA took my port down 2.5% for the day. YTD gain is now at 14.7%.
LRAD, LEU, MNGA and 48% cash.
My 2 cents.
Categories: Daily trading Journal