Blind Faith
What a few weeks we have had in the market. Just this week we were on the brink of a major collapse, but somehow the market found support– which happened to coincide with a 2.20 hybrid score reading.
It has been a tough road for many, including myself. A lot of guys were taken out Wednesday, as Tuesday’s close looked like the ideal time to short. Shit, I’m guilty myself buying $FAZ at $17, late Tuesday afternoon. But, the thing that saved me from going all in short and closing out many longs was The PPT score. I guess that’s why Fly named it The Plunge Protection Team.
Today, I closed out many long positions and had another profitable PPT hybrid trade in $TNA.
When it all comes down to it, you got to have Blind Faith, and a PPT membership of course.
Fly told me never to post this video, but it fits, so here you go:
11:10 Update
The S&P 500 regained it’s 50 day moving average this morning:
One of the top sectors today is home furnishing, thanks to $PIR’s strong numbers.
Today’s Industry Highlights:
Position Update:
Sold half $BWLD near $45, letting let run
Sold TNA for profit, pure hybrid PPT trade.
Sold Half $BAC @ $13.40
Sold options in $RAX
Links:
Buy the Pullback
$RAX:
$BWLD:
$CRM:
$NFLX:
Bonus:
Here’s one of my favorite screens in The PPT, “Small Bombs”
Big Screens & Wings
Two of my largest positions:
$BWLD:
$GLW:
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And, I’m going positive on $GOOG here, $450 was the bottom. Added to my current position in my IRA.
GLW: Long Idea
The futures are ripping at the moment and it looks like the bulls will take control of 10,000. Anything is still possible, but I’m thinking long tomorrow.
One name in particular I’m looking to back the truck up on is $GLW:
The trade is easy to manage here, because if the market does reverse again, your stop is right below @ $15.42. That’s 30 cents down / 2-3 points up, I’ll take that risk/reward any day.
See you guys in The PPT.
Be Prepared
The market is not healthy and sending a message loud and clear. The only way we may get clarity is by way of capitulation, sending the Dow well below 9,000. It might be wise to have an inverse ETF in your portfolio if you are 100% long, hell even $VXX is still cheap. $FAZ just looks like it wants to break out. But, with Uncle Ben at the helm, it is too dangerous to be all in short.
The point of this post is a message of warning. The market is sour and capitulation may be closer than we think. Are you ready?
$FAZ indeud:
