After hours, the market has already gone on to new recovery highs. We'll see if this bleeds over into tomorrow's session; if it does, we can use today's lows as the sell-stop for our remaining longs. We sold RBY today for a small profit and bought SRS.
| Current Holdings | ||||||
|---|---|---|---|---|---|---|
| Ticker | Basis | Closing Price |
Perf. | Sell-Stop | Addl Exit Guideline | Chart |
| SRS | 10.03 | 9.91 | -1.2% | 9.39 | N/A | Chart |
| SSO | 32.68 | 35.50 | +8.6% | 34.74 | Set sell-stop to 34.99 on a gap up open | Chart |
| DGP | 23.06 | 25.46 | +10.4% | 24.49 | Set sell-stop to 25.10 on a gap up open | Chart |
| FXP | 9.01 | 8.85 | -1.8% | 8.75 | N/A | Chart |
Beware of a gap up open tomorrow (hinted at by after-hours action). In such a scenario, wait 30-45 minutes after the market open before taking on new longs.
| Ticker | Entry | Exit A | Exit C | Chart |
|---|---|---|---|---|
| PCX (Patriot Coal) | 13.46 | 12.41 | N/A | Chart |
| MPG (Maguire Properties) | 2.46 | 2.24 | N/A | Chart |
| QID (Ultrashort QQQQ) | 23.11 | 22.23 | N/A | Chart |
| SDS (Ultrashort S&P 500) | 39.89 | 38.41 | N/A | Chart |
Please refer to "How To Trade The Ideas" (right-hand side) to read this table.
2 comments:
What's your take on Oil. I went short and got burnt. I am thinking of staying away from commodities.
oil has a bit of a parabolic look to it.
hard for this system to go long or short until further action. if i had to choose, i'd choose short, but a short setup (like SCO entry 15.41, exit 14.45) does not have an acceptable risk/reward ratio as of today.
sorry to hear that you got burnt; i feel your pain with today's open in FXP.
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