SELL KOG $1.31
BUY TZA $15.60
SELL BCRX $11.60
SELL THC $4.43
SELL DVAX $1.67
SELL INCY $6.39
SELL MEG $7.73
SELL SGY $12.36
SELL 1/2 SD $11.54
Markets appear to be turning over a bit as selling pressure continues from yesterday. I am cautious going into September here as this month is one of the worst performing months in the year. We've had a really good run from the March lows and I will be very selective in going long. Otherwise, I will be waiting on the sidelines untill I get a better sense of direction from this market or looking for short opportunities. I bought TZA today which is the 3X small cap bear exposure to hedge some of my long positions.
I was also taking a look at the two year weekly S&P chart and its formed a evening doji star pattern while hitting the longterm downward trendline. This is a possible reversal signal that may take the markets lower over the next few weeks.
Today I scaled out of my long positions, some at a small loss and some at small gains. I am still long BNK.TO, which I am up 32%. This held steady today considering the selloff in Oil. I am looking for bounce in Oil in the next day or two and if that happens, this could be a good entry again to trade some Oil stocks with a good risk/reward tradeoff.
The US$ gained strength today, pushing equity markets lower. I still have some short exposure in USD/CAD and still bearish on the US$.
BUY TZA $15.60
SELL BCRX $11.60
SELL THC $4.43
SELL DVAX $1.67
SELL INCY $6.39
SELL MEG $7.73
SELL SGY $12.36
SELL 1/2 SD $11.54
Markets appear to be turning over a bit as selling pressure continues from yesterday. I am cautious going into September here as this month is one of the worst performing months in the year. We've had a really good run from the March lows and I will be very selective in going long. Otherwise, I will be waiting on the sidelines untill I get a better sense of direction from this market or looking for short opportunities. I bought TZA today which is the 3X small cap bear exposure to hedge some of my long positions.
I was also taking a look at the two year weekly S&P chart and its formed a evening doji star pattern while hitting the longterm downward trendline. This is a possible reversal signal that may take the markets lower over the next few weeks.
Today I scaled out of my long positions, some at a small loss and some at small gains. I am still long BNK.TO, which I am up 32%. This held steady today considering the selloff in Oil. I am looking for bounce in Oil in the next day or two and if that happens, this could be a good entry again to trade some Oil stocks with a good risk/reward tradeoff.
The US$ gained strength today, pushing equity markets lower. I still have some short exposure in USD/CAD and still bearish on the US$.
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