Today action reminded me of the 2nd, 3rd.. Apollo missions to the moon. How many were enthusiastic and excited? I ventured to say not too many. Even I found them to be “boring”. Today new high had the same feeling.
From the above daily $SPY chart, you can see the previous pivot highs (circle in light blue) all started the down leg with a red-bar. So far, we have two red-bars. This give the probability of having a down day tomorrow to be high.
I’m trying a different strategy with the precious metal. Instead of simply buying $NUGT, I’m going to spread the speculation around the mining stocks- mainly $ABX for gold and $SLW for silver.
I bought $ABX looking for a bounce off the 79 & 89 MA lines.
And I bought $SLW looking for a bounce off the uptrend line.
I also bought some $NUGT this morning but was stopped out when price dropped below $12.00.
With $MNGA trading lower at the open, I decided not to dabble into binary-true or false speculative stocks if I believe a major correction is imminent. I bit the bullet and took my losses.
While waiting for the demo to the utility company to take place in June, I just don’t see how price can sustain the suspension in mid-air. Any sell-off from a general market will inevitably trigger early buyers of $MNGA to take profits before others.
$LRAD and $LEU dropped slightly but I had expected that. I’m not worried about these two positions since I know they will bounce back with good news if it get dragged down by a fallng SP500.
Due to drawdown from all stocks in my port and losses from $MNGA, my port gave back another 0.90% for the day. YTD gain is now at 13.8%.
LRAD, LEU, SLW, ABX and 46% cash.
My 2 cents.
Categories: Daily trading Journal