There were some odd prints going off in SINA into the close that spooked me out. I closed SINA and took the loss. I stopped out Z too, god damn, as if finally succumbed to the momentum weakness. There was a very thin profile down below, I knew the risk was there, and I waited to see if it would rebound after filling the void. It didn’t and I will be looking to re-enter this stock if buyers come back in.
The Nasdaq is looking better than it has in many weeks. We are not knifing through my EMAs. These EMAs are not concrete support/resistance, however they are a reference point. This time, as we trade near them, price is slowing down.
Taking out SINA and Z boosted my cash significantly, now up to 55% which means I need to find some quality setups next week, and soon, to properly position into what I see as a Nasdaq that is setting up well.
I will be on the road Monday, but will be taking a look at the opening swings tomorrow morning.
Trade of the week was shorting NFLX near the peak, I scaled out well, but if I had more bullets to fire I would likely still be riding it down. NFLX is in pain. Me too.
Futures trading for the week earned 18.25 points. Not bad, but after commission and a slippage factor that is a losing week. This should have been a massive winning week. However, I forged a new rule yesterday, a rule which helped this morning to avoid getting steamrolled. Learning friends, never stop.
http://youtu.be/bii2L2RPGUM?t=14m20s
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This RGLD looks decent too
The odd prints to SINA were probably because they lost one of their internet content publishing licenses and got fined for allowing some of their users to publish pornographic content… Good instincts!
I knew some news flow was swirling around because a fine commenter made me hip to “news” …only they didn’t say what it was. Except that it was bad. You guys save my ass constantly.