Inside 12631 just now, I covered up a decent amount of my AXP SBUX shorts for a few points each, dating back to last week.
As for the broad market, looking at the S&P on an intraday basis there remains considerable risk for a trend day lower into the close.
We probably should see some type of bounce or consolidation here. But knowing your timeframe is key, since the rallies have thus far been nothing resembling what we saw in 2013.
With energy stocks coming in a bit here after perhaps being crowded short-term, keep an eye on large, integrated names like COP CVX XOM for shorts.
Drop me your top afternoon ideas.
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Longs; CORN & JO
Shorts; SBUX, BID, UNP & F
Good book, super!
Chess, thanks for the great input. SBUX : what is your Stop Loss and where are your Targets and why please – thank you
Jon, all of that info is available inside 12631 – Please see here for details https://ibankcoin.com/12631/features/?utm_source=ibcblog&utm_medium=cpc&utm_campaign=sidebar-ad
Chess – been following tight stops but finding the market tough to trade in. Most of my plays are on the long side but this action has gradually erased some profits from my account. It’s like the cancer which grows and destroys you. What do u recommend in such environment ?