Let me start by saying I am not thrilled with the action in the S&P 500. I was discussing this with one of my most distinguished readers, gentleman UncleBuccs. My chart brain sees lower prices in store before news highs are achieved.
So I did what any responsible person would do when confronted with these “facts” …I bought stocks.
I still have some cash on the books, about 25% which is about the highest my cash has been this year. But I have a huge position in RVLT, a huge position in ONVO, and a huge position in CREE. My next largest position is USO because I think oil is just going to surprise everyone and rip tits into year end, taxing the tight wad consumer before x-mas.
Everything else is ¾ size or smaller: LO, Z, GOGO
Then my slow money: F and O
Then a tiny IMMR I keep for sport and this stupid MJNA long—down 20% waiting for a pop to sell into. It will come. It is a matter of time not will.
I traded the futures less this week, especially after I got gang banged by algorithms Tuesday. I took a conservative trade in the /ES yesterday that worked out well. Today, that same conservative nature caused me to miss an idea I mapped out very well. Oh well, there is always next week. /NQ is looking promising as anything I have ever seen—both on a discretionary and algorithmic basis.
About this time every week I am overcome with a huge feeling of gratefulness. Thank you for reading along. I love this work and interacting with my internet people. Have a great weekend.
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dammit man, that’s my fav Zombie song of them all and I haven’t heard it in years – good choice!
Hell yes, we’re getting in the Halloween spirit over here
Like the look of IMMR. Snagged me some today. Like to see ONVO turn 6 into support before I dip my toes in.
RVLT is killing it.
IMMR needs to do something eventually, right? Up or down.
ONVO is in a big chop still, I see signs of it turning bullish
yes it is
Wanted to give you a shout out, sir Raul. Appreciate your work.
Thanks for the shout homie
Raul – seeing my name in one of your posts thrills me more than I thought it would… In regards to the S&P 500, I think the probable & logical thing is for it to go lower for a bit. There is another scenario, born from my obsession with the Sentiment Cycle. What I’m noticing is that some of the phases of the Sentiment Cycle are happening, but not at the same speed as others in the cycle. We possibly went through a Discouragement, Wall of Worry/Anxiety, and even a cute Aversion. Currently, that would put us in “Denial”, which everyone not on cocaine at the moment is feeling. Here’s a capture of what happened in the blink of an eye: http://ibankcoin.com/unclebuccs/files/2013/10/sentiment07.jpg
I’m with you, and am prepared for a pullback, but if it doesn’t come, the Returning Confidence of the crowd will put me on guard…big time.
Have a great weekend, my man!!
Nice Uncle, yes always be ready to put the peddle to the metal