This morning, even I got off the train for a brief moment on the hillside. But after seeing some more passengers getting on to the South bound train; I decided to hop back in.
As the South bound train took off around 02:00pm EST; the scenery was so breath-taking I decided to upgrade my seat to business class to get a better view. If I can see the ocean later, I may even upgrade to luxury class!
I’m currently back to 21% in my short position (bought SH, TZA, and SKF).
Below 15 minutes chart showed the morning detour of the South bound train and how it got back on track later on.
Below is the 15m, daily, and weekly SPY charts:
Daily SPY chart below:
Weekly SPY chart below:
As I’m typing this post, I can see some “correction” to the upside and this is to be expected after a big swing down at 02:00pm. However, I’ll be watching closely for any late day rally that may put my position on defensive ground. If the correction persists, I’ll of course reduce short position accordingly.
Good Hunting!
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Hey Zen, what does XMA stand for?
XMA = Exponential moving average
Late day rally was quite impressive, I’ve no choice but to reduce my short position. Sold all SKF, part SH and part TZA.
Now only 9.5% portfolio is short.
Journal update:
Added back some of what I sold yesterday SKF, SH & TZA.
Now 17.5% short
Added more SH and TZA.
Now 21% short
Now FLAT on all shorts. The late morning rally was too strong to ignore. All intra-day pivot highs were systematically taken out.
Surprisingly, I still ended up positive for the day on my short campaign.
I’m going to take a break and revisit later to see where the market is going.
90% cash with only 10% long-term equity.