New week, new template. This isn’t a great look thus far either.
Unfortunately, all the price levels that we’ve discussed in the last two weeks….long above 1880, short near 1940… are no longer applicable today. We’ve gapped away from all these prices and into areas where the market has very little price structure.
Now that the opening hour is in the books, I’ve taken note of the trends off the open in tech names, the carnage in banks, and the relative strength in some materials stocks we’ve been eyeballing ($FCX, $RIO, $BHP, $TCK, etc).
Oil saw another rejection under $30 again this morning, which may be playable for a long here. Bonds have been a gap and go winner since the open, and Gold has rallied all the way to 1200, which is the key volume area over a 5 year time line. For those watching, it still has yet to register overbought on my indicator.
I’ve got nothing on my radar yet, but will update as the day develops. I took an ugly move in $PAH off the open, and am looking for a spot to sell and take the loss.
More later,
OA
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Are you still going to hold $CF?
Got some calls, yes
Amazing how financials are getting slaughtered. GS taken to the guillotine today.
Picked up some more XON and taken a swipe at BIDU with tight stop.
Still looks like money is flowing to value, but it seems the news keeps changing which stocks are stores of value which is whipsawing the markets and keeping money moving I was ok with the markets behaviour until last week, now I am concerned we are going down an additional 7-10%.
Blizzard outside and GPRO up 10%.. the end is near.
Been glued to the screen … here’s what I’ve done so far:
Sold some SCO at 190.57. As of this comment, price in no man’s land.
Sold all UVXY at 50.10. A bit early so far.
Entered starter in CF at 29.99. A ceremonious price entered.
Long BBBY from 43.70.
Added to SBNY at 131.60
Added to HFC at 29.62
Sold some GDX at 17.55. I am now really short the gold miners as I also added to DUST at 6.28.
Added to TNA at 38.47
Sold some TZA at 69.07. The TNA/TZA were timed sales. Not a price sale
Added to NFLX 79.49.
These moves were small % of portfolio. If they move ridiculously higher into the week, I will sell or buy puts.
If the stocks move down further, they are acceptable long term buys.
Like your thinking, but would have held off on NFLX – think we are going to see 70 before we see 90.
Will you feel the same at S&P 1300ish?
Depends on how we get there. I have plenty of dry powder. And I have shorts that I cash in to free up cash. Again. These are small buys.
Bot some weekly GLD puts looking for a quick scalp.
Would love to see this work for you..