Daily Trading Recap - 2/3/26
Catching The Metals Bounce
TLDR
Caught the metals bounce and sold SLV into strength, both shares and put spreads.
SNDK delivered a clean, fast short trade off the open but I gave a little back trying to anticipate the next breakdown.
Nailed the gold retest of 5k via UGL after one stop-out.
Trades I Took
Silver gapped up overnight and I started locking in my long from yesterday’s 71.36 average. In premarket, I sold one-third at 78, another third over 80, and held the rest to see if we could squeeze a bit more intraday. Since we’re on the daily backside, I wasn’t expecting anything like the explosive bounces we saw on the frontside of the move. I also covered my SLV put spreads right at the open and pocketed about 90% of the premium. In the afternoon, SLV rolled back over and I sold the rest of the long. Really happy with how I played this bounce trade overall, though I would have liked to see a green daily close to really confirm the “first bounce leg” as being complete.
SNDK was gapping up again into new highs and immediately gave a huge push off the open that got sold hard. I got short into that failure and caught a clean wash down to yesterday’s high, where I covered half. I added back on the next bounce. That second leg flushed insanely fast, and once we pulled under the green to red level, I locked it in for a solid win. I did give back some gains afterward trying to anticipate a new lod break that never came, but I cut it quickly and walked away. Still a very good trade overall.
I got long UGL looking for a retest into the gold futures 5k level. Gold was also looking stronger than Silver so I was willing to get long for the bounce. I took an initial cut, but the setup stayed intact, so I took the second entry and nailed it. I scaled out as gold futures tagged 5k, then trailed breakeven.
Swings
-Took partial profit on GEVX. Up 25% from my entry and 7 green days in a row. Energy seems to be the only strong sector currently so I’m still holding a good chunk.
-Got stopped out of LUMN. Plus they announced earnings after the bell so I didn’t want to be going into that without a big cushion.
Current holdings: GEVX HUT IREN
Takeaways
I did a good job sticking with the metals bounce trade and not overstaying when they turned around in the afternoon. The SNDK trade was a good reminder that you have to be quick to cover shorts while still on the frontside. On metals, the initial bounce phase is likely over, so patience matters more from here. Going forward, I want to stay disciplined about not pressing after fast wins and let the next clean setup come to me. Small caps have been slow this week, hoping it picks up tomorrow.