However, under the theory that the markets are more correlated than not, the Russell 2000 index shows a different picture: support broken. The Russell 2000 has led the S&P in this uptrend, and chances are it's continuing to lead.
With the long-term trend of the past year being down, medium-term trend of the past few weeks being up, and short-term trend of the past few days being down, we have very mixed messages. The market isn't likely to continue trading in its current narrow range, so we'll know soon what it's going to be. | Current Holdings | ||||||
|---|---|---|---|---|---|---|
| Ticker | Basis | Closing Price |
Perf. | Sell-Stop | Additional Exit Guideline | Chart |
| DGP | 18.68 | 20.13 | +7.8% | 19.49 | N/A | Chart |
| SDS | 59.89 | 61.37 | +2.5% | 59.39 | N/A | Chart |
| QID | 37.92 | 39.28 | +3.6% | 37.35 | N/A | Chart |
| SRS | 23.01 | 24.46 | +6.3% | 22.30 | N/A | Chart |
| HNI | 16.84 | 16.60 | -1.4% | 15.99 | N/A | Chart |
| GG | 32.64 | 33.44 | +2.5% | 32.44 | N/A | Chart |
For Monday, mostly short ideas, but also SSO in case the market does bounce at the support level mentioned above. QID is a re-recommendation; if you already own it and elect it on Monday, move the sell-stop for all positions to 37.91. And as strong as gold has been, silver has been stronger, so I've thrown in SLV in case of further strength from this group.
| Ticker | Entry | Exit A | Exit C | Chart |
|---|---|---|---|---|
| QID (Ultrashort QQQQ) | 39.92 | 37.91 | N/A | Chart |
| SMN (Ultrashort Basic Materials) | 22.91 | 20.65 | N/A | Chart |
| TWM (Ultrashort Russell 2000) | 52.06 | 49.09 | N/A | Chart |
| SSO (Ultra S&P 500) | 25.06 | 23.95 | N/A | Chart |
| SLV (Silver ETF) | 14.07 | 13.64 | N/A | Chart |
Please refer to "How To Trade The Ideas" (right-hand side) to read this table.
No comments:
Post a Comment