In trading around this whippy market, I sold my triple-levered short Russia ETF, RUSS, above $20.50 for a few points of a win inside 12631 just now. I am slightly underwater on a corn long, and have a few other shorts on which have decent cushion on them.
I still think Russia is in trouble technically, via the RSX ETF, but with such a highly levered instrument in a volatility market I will protect wins tightly when I have them.
The major averages are apparently making stop runs in both directions intraday.
Stay nimble, until we get more clarity.
What are you trading this morning?
If you enjoy the content at iBankCoin, please follow us on Twitter
Longs; UCO, TVIX, YGE, CORN, SWC & JO
Short; DAL
Like it
When you run a tight stop do you use intraday levels, a trailing stop, or a combination of both?
Also, are there rules you determine when it is OK to have a position that was slightly green go slightly red (giving the trade more time) vs just taking the break even price and moving on?
TJWP – I use a combination of factors for all of those issues. To me, situation-specific.