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Enjoy tonight’s video, and enjoy your evening.
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There has been a lot of talk about volatility in the markets of late, as the VIX itself has been subdued for a while now.
Although the VIX never hit single digits, it came close over the summer.
Sooner or later, the presumption is that periods of calm in the markets lead to volatility. Seasonally, we should see an uptick in volatility, especially with the Fed and the BABA IPO later this week.
If the UVXY ETF clears $27 soon, I am interested in taking a shot on the long side.
See you after the bell for my video market recap.
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On the back of Putin strengthening his grip on Russia through recent election victories, the Russia country ETF, below, remains weak despite bouncing in August.
I consider this a short setup, with the potential to retest or breaks recent lows, as you can clearly see declining long-term moving averages above price and a highlighted bear pennant.
What are you trading this afternoon?
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On the one hand, Treasuries became short-term quite oversold last Friday. In addition, we have a huge FOMC week, compete with new forecasts and a Chair Yellen press conference this coming Wednesday.
And yet, Treasuries continue to stage weak intraday bounces which have been sold into.
As I noted on Friday, I took partial profits in my TBT TMV bearish ETF”s inside 12631. However, I retain positions in both and am actively seeking to add back this week.
On the daily chart for the TLT ETF, below, should we see bonds continue to bounce softly into the Fed it may very well set up a “bear flag” pattern (light blue lines) before another drop lower in bond prices, and thus another spike up in rates.
At that point I would be inclined to add back to my shorts.
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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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I decided not to press my AMZN short, discussed here on the blog previously and taken inside 12631, and instead covered part of my position just now into this intraday spike lower.
With a declining 200-day moving average, the stock has been one of the weaker leaders in the Nasdaq for a while now. I may very well add back to it soon.
Here was my note to members:
Covered 1/2 of 1/2 SHORT $AMZN @ $321.81 from $339.40 entry to scale some gains into this swoon. Decided to rotate capital to other plays instead of pressing the one. 1/4 position left. Stop at core entry price now.
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