SOLD CWTR $6.01, 0%
SOLD CAR $5.33, +2%
SOLD UIS $1.64, -5%
SOLD CNXT $1.20, -14%
SOLD ARM $3.67, -16%
SOLD VVTV $1.68, -12%
SOLD HSD.TO $25.17, +5%
SHORT NWS $9.84
I decided to lighten up some more on my long exposure today as the markets took another beat down, especially the Cdn markets. The US managed to close relatively flat but I still think this market goes lower in the coming weeks with weaker economic news, disappointing earnings, and low trading volumes.
My stance is neutal/bearish on this market and all the indexes have broken their upward trendline last week. Only some remaining support can hold this market up, such as the 200 day MA, neckline of the head and shoulders formation, and 76% fib retracement on the S&P500. The US indices held key support levels today so keep a watchful eye on this over the next few days to see how the markets react. If it breaks in the coming sessions, which I predict it will, I will be more aggressive in shorting this market as I think we will be headed significantly lower. Currently, I am scaling out of my long positions to limit my small losses and taking a few short positions to test out the strength of this market. We've had a good run since the March lows and I want to protect those profits. There is nothing wrong with being 90-100% cash. My #1 rule is capital preservation!!
Last week I bought HSD.TO, which is the inverse 2X bear to the S&P500 and made a decent 5%, which helped to hedge and offset a few of the losses I took today. I've got a watchlist built up of potential short candidates that I am ready to pull the trigger on but I will try to find more tonight. The risk/reward has got to be there for me to take the trade, else it's not worth it.
SOLD CAR $5.33, +2%
SOLD UIS $1.64, -5%
SOLD CNXT $1.20, -14%
SOLD ARM $3.67, -16%
SOLD VVTV $1.68, -12%
SOLD HSD.TO $25.17, +5%
SHORT NWS $9.84
I decided to lighten up some more on my long exposure today as the markets took another beat down, especially the Cdn markets. The US managed to close relatively flat but I still think this market goes lower in the coming weeks with weaker economic news, disappointing earnings, and low trading volumes.
My stance is neutal/bearish on this market and all the indexes have broken their upward trendline last week. Only some remaining support can hold this market up, such as the 200 day MA, neckline of the head and shoulders formation, and 76% fib retracement on the S&P500. The US indices held key support levels today so keep a watchful eye on this over the next few days to see how the markets react. If it breaks in the coming sessions, which I predict it will, I will be more aggressive in shorting this market as I think we will be headed significantly lower. Currently, I am scaling out of my long positions to limit my small losses and taking a few short positions to test out the strength of this market. We've had a good run since the March lows and I want to protect those profits. There is nothing wrong with being 90-100% cash. My #1 rule is capital preservation!!
Last week I bought HSD.TO, which is the inverse 2X bear to the S&P500 and made a decent 5%, which helped to hedge and offset a few of the losses I took today. I've got a watchlist built up of potential short candidates that I am ready to pull the trigger on but I will try to find more tonight. The risk/reward has got to be there for me to take the trade, else it's not worth it.
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