With no bear in sight, the bull trotted leisurely ahead…singing do re me…
Without a a high volume strong momentum up day, there is a danger of the bull drifting to a sleepwalk and walk off the cliff. But for now, it is still a bull market.
$NUGT opened lower and I was willing to give it a bit room to fluctuate but set a hard stop at breakeven just in case. However, after seeing price took out the opening range to the downside and seeing week support and little bounce, I decided to sell quickly to lock in remaining gain instead of giving them back. I was glad I did ’cause price went further down and took out Friday low.
$BAS started off with a bang to the upside and I thought I was in good shape. But no, price began to fall apart. I checked to see other oil related stocks and ETF and they all exhibited the same pattern. Oop! Oil was under pressure again, so I cancelled my hard stop I placed in the morning and sold my entire position when price dropped below $12 support to lock in profit as well. Again, good thing I did.
Meanwhile, $URA was heading higher and took out $14 resistance. With the available cash from sale of $BAS, I added more $URA due to continued upward momentum.
From the daily chart above, you’ve to conclude it was a strong bullish chart.
$ORBC started to rally after the earnings conference call. While in the middle of listening to it, I added 20% more $ORBC to round up my position size using cash from sales of $BAS.
The chart looks very bouncy after Friday drop. With eleven more new state-of-the-art satellites to be launched soon plus the acquisition of Skywave Mobile Communication, the new $ORBC will be in a strong competitive advantage with the largest satellite-based M2M connectivity. I can see them stealing more customers from other competitors in the years to come.
$DMRC bounced nicely today. It is a much needed bounce to move away from the Fib 21.6% support. If momentum can keep up this week, we may see it takes out $30 soon.
I like the fact that price took out the 5 MA line.
While $LRAD disappointed again without an up day, I’m betting that their coming earnings will be pleasantly surprised. Their new “Loudest Long Range Acoustic Hailing Device for its size” from recent announcement may be getting good attention.
So for now, I’ll have to accept the lack of momentum on this stock.
With the gains from $DMRC and $ORBC but offset by $LRAD drawdown, my port gained back 1% today with YTD gain at 11.5%.
LRAD, DMRC, ORBC, URA and 2.1% cash.
My 2 cents.Comments »