Market opened higher and it was a much needed bounce to add to the belief that this uptrend is not over yet.
Due to rally after the open on $NUGT, I added. And when the rally proved to be persistent (in the morning still), I sold almost half of $XONE to cut losses and moved the fund to $NUGT.
Notice price is still struggling to maintain bounce. Why am I looking into picking bottom on $NUGT here? You may wonder…
I’m convinced that gold may be bottoming here because the monthly chart of $GLD is now reflecting a 50% correction from historical low and high.
Did you see how the 50% retracement is landing right on the 79 & 89 MA lines? These kind of visual support is what give me the confidence to buy “potential” bottom with small risk.
While I like $XONE to be long-term play, I’m still subjected to the pull of the chart patterns. $XONE took out yesterday low so I had no problem letting some shares go to add to $NUGT.
If $XONE can bounce off the support (blue line), I may buy back shares I sold with cash from sales of some $GALE.
$GALE took out last Thursday low and price fell below the 5 and 15 MA lines. Even worse, the 5 had crossed below the 15 MA line as well; hence my lightening up $GALE position by 1/3 today to raise cash and reduce risk.
I still think $GALE will rally later so I’m looking to buy back cheaper if possible.
$KNDI rallied strong after open but gave back most of the gain later in the day. The good news is that price closed higher for the day.
Notice that I re-drew the downtrend line to align with the high of previous bars which put today at a breakout day instead of last week. If this week can maintain momentum, we may see a solid up bar by end of week.
Glad to see $CERS bounced today ’cause I needed the confirmation that the support line is holding. It is so far.
Now, $CERS need to continue to bounce to move away from the support line. The sooner it gets back above the 79 & 89 MA lines, the less stress it will be on my portfolio.
$LRAD, $KGJI and $TINY are still struggling to maintain ground; thus, even with DOW up over 100 points today, my portfolio was at breakeven where small gains on some positions offset small losses on others.
Current holdings:
LRAD, KNDI, CERS, KGJI, TINY, GALE, NUGT, XONE and 5% cash.
My 2 cents.
Btw, $PHOT is doing FANTASTIC on my other broker account. Because this is a long-term hold for me, I may see some give back of unrealized gain due to profit-taking sooner or later.
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