I am still long SKF (ultra-SHORT financials) inside 12631, which had not stopped me out over the past several days despite the financials drifting higher. As you can see on the updated sector ETF for the finnies, a head and shoulders top is still in play with failure at the right shoulder today. So far, so good, at least.
Who is playing Tesla earnings? What is your strategy?
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If my bond short is going to work, via long TBT inside 12631, then today’s downside reversal in TLT is the best shot for the Chicago boys to stop the Fed’s printing press.
On the TLT daily chart, note that if today follow-through lower we would see another rejection of a declining 200-day moving average. The presumption is still that Treasuries are in a new bear market, with rates on the 10-year still in a confirmed bottom. I am playing for the next leg lower in bond prices of the bear. Cover-stop in TBT below $68.
Also, the softs are still hot, with JO CORN SGG leading the way. Corn and sugar look most ripe to follow coffee’s lead.
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I am stalking a reentry into JNUG, the triple-levered long ETF for the junior gold miners.
On the 30-minute chart, note the gap-fill down to last Thursday pretty much to the penny. Let’s see if that holds today.
In addition, my sugar long is working well, and corn is trying to get moving this afternoon after a mild shakeout since yesterday near the bell.
What are you trading today? Drop me some ideas.
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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.
I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.
Members can click here to view and save the screen.
Sorted for at least 500,000 shares of daily average volume to ensure liquidity.
Please click on image to enlarge.
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While Walgreen is bull-flagging on the first daily chart, below, Coke and Pepsi are both headed towards the cellar.
Interesting, while KO PEP suffer, DPS has been a stalwart to the upside.
There are a myriad of reasons as to why Coke and Pepsi have been getting whacked, in a similar vein to T VZ.
Also keep an eye on UA, which continues to base along nicely.
Overall, it is a slow morning in the tape with bulls stubbornly keeping their grip on things, even if the upside energy is not dazzling.
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I sold the remainder of my coffee long inside 12631 this morning, booking another commodity win. I am still playing others in the complex, though, and am stalking reentries all around the space.
Here was my note to members:
Sold final piece of $JO long @ $31.47 from $27.67 entry to lock in the rest of the win in coffee trade. Will seek to reenter later this week or next week.
Elsewhere, CLVS is acting well, as are the coal names. More on this later.
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