SOLD SIGA $8.02, +12%
SOLD AMLN $12.92, 0%
SOLD BGP $3.37, +3%
Today's selloff of all the market indices is telling me that we are headed sideways and down. Oil was down over $2, commodities down and US$ rallying. Although I have been selectively picking long positions over the last week, I will begin scaling out of positions today. Going into the US holiday tomorrow, trading volumes are low and trading is weak.
My long positions have given back some profits today but my short S&P500 (HSD.TO) is up 5% since Tuesdays recommendation as a hedge against my long positions. I will begin to scale out and possibly add some shorts to my portfolio here as we are nearing the neckline of the head and shoulders pattern I have been discussing over the last week. I am seeing many short setups forming bearish flag and pennant patterns along with stocks breaking important support levels and upward trendlines.
I have decided to lighten up on my long positions as we head into this US long weekend holiday. I am seeing the markets breakdown here and I was close to pulling the trigger on some shorts, however time ran out on me and the markets closed. I'm alright with my current positions and I will just sit back and relax a bit until I see a bit more confirmation that we are heading lower.
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