The downward collapse of markets this morning triggered an OVERSOLD signal inside Stocklabs and I bought, as part of my trading program in one of my accounts, a 33% position in TQQQ. This account is designated to only trade the mean reversion signal.
Lo and behold — we bounced furiously off the lows and now have a mean rally underway.
In my trading, I am +51bps, due to a more muted portfolio of stodgy old man stocks. My thought process is as follows:
Preserve the gains I have during a period of uncertainty. We have rallied furiously off the March lows and even though there could be room to the upside, it is my view the bulk of the ribald natured gains have been achieved. Going forward, or at least until we correct lower again, I will comport myself in a manner on par with a country gentleman, leisurely and with grace CAVORTING the countryside amidst pastoral views as my portfolio increases but in a genteel manner and not in a way that might upset me as I glance upon my pocket watch for the time.
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“consumer credit increased by $41.8 billion in February (Briefing.com consensus $15.5 billion). The prior month saw an upward revision to $8.9 bln from $6.8 bln”
This was a topic a couple days ago. Before we knew the February number!
(Someone’s got to get Fly that new ad income)