Aside from my bond short, I am basically getting chopped up this morning. My shorts are stubbornly resilient, and my longs are slippery.
To my eye, small caps are still the best selling point bears have here, with their notable underperformance of late. On the small cap IWM ETF, a move over $115.50 today would likely see me closing out some shorts.
All of this is happening in front of the big, bad BABA IPO coming from China. To get us in the spirit, a vicious hit piece came out on VNET this morning, sending the stock down 20-25%.
Apart from that, REITs are coming in today, giving me a bit more conviction in the short bond trade, given how rate-sensitive the sector is.
What are you trading this morning?
Chess-
The IWM simple 20day MA is at 115.54, per Stockcharts. Perhaps a cover stop a few pennies above that would fit in with your 115.50 general zone.
Thanks for updating on this.
Good point, thanks Daniel.
Also, as of this writing IWM is right about where it opened, and essentially unchanged from yest. However, if price were to close right here, it would generate a marginal classic MACD crossover sell signal on the daily chart. This adds a purely mechanical impetus to your other forms of analysis on this ETF. Sellers following this simple system signal would be added to those triggered by a downside break of the 50day MA should that occur– which could really boost selling pressure. This kind of extra X-factor makes your position even more appealing, and I’ve placed my stop accordingly.
Agreed, thanks
In MNGA just lower. Hoping for more from it.
Good luck
got stopped out on the bond trade and never got back in, unable to act here.
Cotton long does a thing today, also
long aapl and some uranium stks
Nice on Cotton.
XNET, and bought LU and GOOGL this morning.
LU or LULU?
meant ZU. sorry.
Nice