The bulls found solid footing at the 200-day moving average and laid waste to the shorts today, closing up 22 points on the S&P near the high of the day (around 900). From the lower high on July 1 at 932 to last Wednesday's low of 869, today's thrust represents a 50% retracement. 50% is a normal amount for a correction within a larger trend (in this case, a downtrend), so this doesn't tell us whether the downtrend is over or just taking a breather. We'll know more as this rally unfolds, and while odds are to the long- and medium-term trends (down), bounces off the 200-day can end up being substantial.
We sold most of our short positions for losses today, and bought TQNT.
| Current Holdings |
| Ticker |
Basis |
Closing
Price |
Perf. |
Sell-Stop |
Additional Exit Guideline |
Chart |
| TQNT |
5.29 |
5.53 |
+4.5% |
4.99 |
N/A |
Chart |
| ZSL |
10.17 |
10.31 |
+1.4% |
10.13 |
N/A |
Chart |
| AEIS |
10.21 |
10.34 |
+1.3% |
9.81 |
N/A |
Chart |
| AHL |
23.43 |
24.30 |
+3.7% |
23.49 |
N/A |
Chart |
Possibilities for both the bull and bear cases tomorrow.
New Trade Ideas
| Ticker |
Entry |
Exit A |
Exit C |
Chart |
| SMN (Ultrashort Basic Materials) |
22.51 |
20.36 |
N/A |
Chart |
| CFSG (China Fire and Security) |
12.36 |
11.84 |
N/A |
Chart |
Please refer to "How To Trade The Ideas" (right-hand side) to read this table.
No comments:
Post a Comment