12631 member @Greekpunk made a great observation in our chat room today about Procter. The major consumer staple play might as well be the posted child for the sector’s horrific performance of late. On the daily chart, below, you can see the major bull trap sprung, with the stocks moving quickly from all-time highs down well below its 200-day moving average.
Incidentally, this bull trapping action of late bears an uncanny resemblance to what we saw with Citi and the financials.
While the utes have been hot, the staples have been equally cold. More on this on my video recap today.
What are your top final hour trades?
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$ARIA setting up the cup and handle but no follow thru. waiting watching on gold miners. closed winners $UGAZ $PLUG.took off vix trades for now.
Good work!
Just sold small DJP position for small profit, mainly to provide other commodity related positions a little room for consolidation.
Nice
Actually have an $XLU & $XLF short on in regards to this post. Also shorting FXB (long USD) and IBB. Still have UGAZ on – since 30!!! This morning I sold YUM AKAM and APC for ridiculous profit. But I sold my AAPL calls too early and now feel like an idiot. For this afternoon not sure yet… Not sold on this “rally” and no still not sold on PMs here…
Good book!