Market had another strong bounce today.
However, the strong bounce only became evidence in the latter half of the day. Price is now near the top range of the previous consolidation range.
In the morning after the open, although price was higher, it wasn’t very convincing. As a result, I sold my swing trade positions $GWPH to lock in profit; sold $CARA with very small gain, closed out $NUGT with a small gain (gave back a lot of gain from yesterday) due to lower open.
I also bought a starter position on $TZA and $FAZ to see if the market would drop later in the day.
Nope.
Due to my not paying close attention during the day, I had to close out my $TZA and $FAZ at a larger losses than I had planned for. Regardless, when I found out $TZA and $FAZ had fallen hard, I sold for losses without hesitation. If I made a mistake of not paying attention, I should not try to compound the mistake by “wishing” for a bounce to reduce my losses. Sell and move on. Good thing I did ’cause the market rallied hard to the close which would have costed me more losses if I hadn’t sold.
With the market rallying hard, I bought back $NUGT looking for more bounce in the week.
From the look of the chart, $NUGT looks good for a continuing rally.
$SVA looks good for a bounce off the 79 & 89 MA lines so I bought back some position.
Love that green solid bar that used the 79 & 89 MA lines at the launching pad. I will add more if price takes out today high tomorrow.
Next, I added more $SEED.
$SEED mirrored $SVA on the bounce off the 79 & 89 MA lines. I’ve been watching $SEED closely ’cause I don’t want to miss any sudden rally due to China’s decision on the GM seeds offered by $SEED. An approval will pop this one up like a rocket launch in a high school science project. But in a general market correction, everything goes down regardless of how compelling the story is; thus my being in and out for safety reason. Now, let’s see if this one can climb back up to $3.00.
I missed out on the continuing rally of $GWPH after I sold for smaller profit in the morning. $GWPH rallied hard after I sold.. oh well, playing safe had its cost; but it definitely worth it and I’ll do it again if I feel/sense a market collapse in the horizon..
Despite my larger than planned losses on $TZA and $FAZ, my port bounced back today thanks to rallies from $LRAD and $SEED.
Current holdings:
LRAD, SVBL, SEED, NUGT, SVA and 52% cash. Despite the waterfall market last week and this Monday, I am able to maintain the 12% gain for the year.
From the other account:
$MCIG continued to rally hard and barely took out the resistance level at $0.80xx.
If you look at the daily chart closely, you can see the head and shoulder pattern. Both the left and right shoulder have a $0.80xx price level which prove to be a difficult resistance to break thru. As a result, I sold my position to lock in gain,(or should I say ‘recover my earlier losses plus some’).
$FITX was getting hit today due to an article regarding the issue of a “barn” size. Apparently, someone at the city council had decided the size of the barn doesn’t fit the definition. To me, it is just political maneuver trying to get $FITX to pay a higher taxes to the city. Hey, the way I look at it, it is a non-issue and price will bounce back once $FITX works it out with the city council. Still holding long and strong.
My 2 cents.
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