SOLD 1/2 BEE $2.35
SOLD 1/2 BEE $2.32
SHORT STT $47.14
SHORT FCS $8.68
SOLD BNK.TO $4.95
SOLD CR.TO $10.48
BUY MGAM $6.22
BUY FULT $8.20
SOLD RSG $27.79
SOLD 1/2 PLM $2.91
SOLD CAAS $12.35
SOLD PD.UN.TO $7.64
SOLD 1/2 PDN.TO $4.77
Oil was up over $80 today on the weak US$ and some good inventory reports. Took some short positions today which were up nicely and also took some time to take some nice profits. Markets started the day strong but sold off at the end of the day.
Markets still forming that nice rising wedge with the bottom trendline still in tact. Therefore the markets are still trending up and will trade in the channel. I think in the next few days we will see some weakness and then we should bounce from there. Rising wedges are normally bearish formations so will be watching carefully as this apex forms for a breakdown.
My strategy going forward is buy commodities if the US$ further weakens. I am only trading breakouts if there is above average volume on the breakouts because I am seeing a lot of fakeouts on lower volume breakouts.
In the meantime, don't be in a rush to trade. In these times when the market is whipsawing back and forth, let the markets decide which direction it wants to go before taking a position. I would stick to day or swing trading (holding positions very short term) and be cautious holding long term positions. Make sure you have your stops in there to protect your capital!!!
Short positions include: FCS, LEAP, LXU, SPWRB, STC, STT
SOLD 1/2 BEE $2.32
SHORT STT $47.14
SHORT FCS $8.68
SOLD BNK.TO $4.95
SOLD CR.TO $10.48
BUY MGAM $6.22
BUY FULT $8.20
SOLD RSG $27.79
SOLD 1/2 PLM $2.91
SOLD CAAS $12.35
SOLD PD.UN.TO $7.64
SOLD 1/2 PDN.TO $4.77
Oil was up over $80 today on the weak US$ and some good inventory reports. Took some short positions today which were up nicely and also took some time to take some nice profits. Markets started the day strong but sold off at the end of the day.
Markets still forming that nice rising wedge with the bottom trendline still in tact. Therefore the markets are still trending up and will trade in the channel. I think in the next few days we will see some weakness and then we should bounce from there. Rising wedges are normally bearish formations so will be watching carefully as this apex forms for a breakdown.
My strategy going forward is buy commodities if the US$ further weakens. I am only trading breakouts if there is above average volume on the breakouts because I am seeing a lot of fakeouts on lower volume breakouts.
In the meantime, don't be in a rush to trade. In these times when the market is whipsawing back and forth, let the markets decide which direction it wants to go before taking a position. I would stick to day or swing trading (holding positions very short term) and be cautious holding long term positions. Make sure you have your stops in there to protect your capital!!!
Short positions include: FCS, LEAP, LXU, SPWRB, STC, STT
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