The Penultimate Step

Summer trading ranges, god I love them.  Trading in the summer months truly is a feat of handling a double edged sword.  This is especially the case if you’re playing around with dynamite aka highly speculative spaces like mobile future stocks.  Today the market looks to have taken the penultimate step before leaping to the top of the range.

Explosive in nature, the penultimate step is used by competitive jumpers to fling the body to its final resting place, as far as possible.  The better the penultimate step, the longer the jump.  Today’s session was beautiful, but not perfect.  We closed off the highs and it may not propel us to the very top end.  Hence therefore hearto I’ve begun positioning for the top bracket and my expectation that it will prove resistant.

I started the day with Pandora being my largest position.  The trade was relatively easy to manage and was commentated all day over @twosmuth.  I took a ¼ scale at $11.37 but the position remains my largest holding.  Today also involved buying OPEN along with RaginCajun.  Healthy looking chart, hype to boot with iOS and Microsoft integration speculation, and a feeding ground for shorts.  Finally I initiated a position in EUO the ultrashort Euro ETF.  I liked the pull higher on the 6E after its beat down, and am using the position as a hedge against the rest of my portfolio.

In the past I’ve FM’d (failed miserably) attempting to hedge with UVXY, QID, and TZA.  Let’s hope my setup doesn’t go 0/4.  HOPA!

The following are my current holdings by weight: P, EUO, TRIP, ADS, YELP, OPEN, GSVC (lol), and NTAP.  40% cash and AWK.

Good day pen pals.  Let’s hit‘em again tomorrow,