05-20-2015 Journal- $LRAD, $LEU, $SLW, $ABX

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.

SPY_Daily

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.

ABX_daily

I bought $ABX looking for a bounce off the 79 & 89 MA lines.

SLW_daily

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.

MNGA_daily

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%.

Current holdings:

LRAD, LEU, SLW, ABX and 46% cash.

My 2 cents.



Categories: Daily trading Journal

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