Hecla Mining with dissapointing day

Performance in the mining sector turned sour today after the morning’s rally. One of my holdings Hecla mining got hit rather hard today. I’m not alarmed at this point because the current trend has not yet changed. As I mentioned in the previous post, I watch for a lower low to be made before the uptrend is canceled out. In the chart below I circled the last break low which is around the $8.30 area. Today we reached a low of $8.45 which is very close to that low, so I’ll be watching carefully what develops on Monday. Although it would have been nice to avoid today’s loss, I don’t want to defer from the original plan which was a longer term hold. I will be looking to sell the position if we get below the low of $8.30. There is nothing wrong with taking a loss if you think it will prevent larger future losses. Proper cash management involves stopping your losses.