Not long after my intraday post, there was indeed a final push to new highs at S&P 997, followed by what looked like consolidation. But maybe people started getting nervous approaching the big round number of 1,000, because the last half hour featured a rather swift drop. Today may have marked the blow-off top; we'll see tomorrow or next week whether the bulls can push it to even higher highs and extend the blow-off. However, a break below the 970 level would mark the end of the rally from July 8th (although not necessarily the larger rally from March 6). We bought TQNT, COF, and CWTR today, and sold AHL.
| Current Holdings |
| Ticker |
Basis |
Closing
Price |
Perf. |
Sell-Stop |
Addl Exit Guideline |
Chart |
| TQNT |
7.11 |
6.82 |
-4.1% |
6.65 |
N/A |
Chart |
| COF |
30.81 |
30.41 |
-1.3% |
29.20 |
N/A |
Chart |
| CWTR |
6.87 |
7.17 |
+4.4% |
6.49 |
N/A |
Chart |
Setups in the short ETFs look cleaner than the ones for long entries, so that's where most of tomorrow's ideas are.
New Trade Ideas
| Ticker |
Entry |
Exit A |
Exit C |
Chart |
| DUG (Ultrashort Oil & Gas) |
17.78 |
16.65 |
N/A |
Chart |
| GLL (Ultrashort Gold) |
15.27 |
14.85 |
N/A |
Chart |
| FXP (Ultrashort Xinhua China 25) |
10.36 |
9.48 |
N/A |
Chart |
| KBH (KB Home) |
17.06 |
16.15 |
N/A |
Chart |
Please refer to "How To Trade The Ideas" (right-hand side) to read this table.
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