I realize my title could get me shot, if i were living in China. However, that is not the case. And, since I live under the protection of former Italian mafia bosses, in NYC, I have no problem saying: “Fuck China” over and over, until the goats come home.
I’m going out on a limb here, exclaiming [[FXP]] is a screaming buy—down at these levels. It is so cheap, meaning its components are so expensive, I feel like cleaning out other positions in order to load up, sub $85.
Unless we are entering some new trading range, the components of FXP should trade lower, within days, if not tomorrow.
The stocks you need to watch, when long FXP, is [[CHL]] and [[LFC]]. Both names are heavily weighted in the ETF and pretty much dictate where the fucker goes.
My chart chomping friends swear the market is going to 12,750, short term and maybe retest 13,000. I, on the other hand, believe this rally will fail, like all the others.
However, in the event that I am wrong, it makes sense to get long something. Right now, if forced to go long, I’d buy [[RIG]], [[CLX]] and [[AAPL]].
By the way, I am long all of the above stocks.
So, to sum things up, fuck China, via FXP, works here. Don’t overshoot and leverage your accounts, like some sort of degenerate OTB guy. Trade in small numbers.
UPDATE: [[FED]] cannot get a break. If this fucker can’t rally in this tape, when will it?
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