It was a very difficult week for this system, with four positions getting stopped out. For the week, the system lost approximately 3K, or 3%.
On Thursday, VVTV and VIT both stopped out. This made room for two more positions. On Friday’s open, these openings were filled with [[BIOS]] and Noven Pharmaceuticals, Inc. [[NOVN]] .
On Friday, ARUN stopped out. As there are no Power Dip setups for Monday, this will remain unfilled until a later date.
On Monday’s open, the system will sell ARMH.
I apologize for not posting the setups for Friday. I had semi-emergency to attend to very late Thursday night / Friday morning, and when I got home I fell into a deep sleep, sleeping right through the market open.
System Summary:
It was difficult this week to take these positions. I felt in my gut it would not be a good time for long positions. Still, the system must be followed rigidly. If not, the risk is that a large winner, or several small winners, will be missed. In fact, both ARMH and BIOS are doing fairly well, and these positions were entered late in the week, after it became obvious that the markets were having trouble bouncing. These two positions alone have added 1K back to the total equity. Had those signals not been acted on, the system would be worse off.
Even though the system is in a drawdown, it is very minor at this point. Should there be a bounce, the existing longs may very well pull the system back into the green.
Today may have been the bounce you were looking for… I’m interested to see the Power Dip standings after the big up day. I run a (similar I think) reversion approach and had five positions, all of which closed out profitably today. I hope it went well…
They performed decently Bill, but not as well as I hoped they would.
I’ll update later tonight.