The fudged numbers from the fed and fact that retail was good because of people spending more at WMT and COST...? Talk about good news that masks long term recessionary news....
phewwwwwwwwwwwwwwwwwwwwwww
I thought I was going to get nailed today on my long SDTH position as otherwise today was set to be a large sell off. I was very lucky to be able to sell it right up against it's 200 day MA average. If it breaks this AND the 50 day it may break-out but I wouldn't want to bet on it!
That's an 11% gain from my average initial cost of 7.57 before commission costs. The buy back of shares yesterday actually paid off because the company fundamentals were good and the market scrapped its sell orders for today...
Thank you very much. That's called dodging a bullet... and I'll be the first to admit I was very fortunate given the market backdrop yesterday! I am now in over 80% cash. Looking at some short vehicles like QID. I may or may not get in... I will probably just take a break... but no new longs right now for sure as this market is primed to decline for awhile.
Have:
DSCO (tiny position)
DUG
No TWM at the moment or QID but looking to get back in perhaps soon.
This blog is for informational purposes only. It does not give investment advice.
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2 comments:
Good job on the SDTH trades. It maid more gains later on in the day but in this kind of market we have to be careful. You never know when shit will hit the fan and stocks will plunge.
You mentioned a DUG position. Seeing how oil keeps going up how risky would it be to get in at this point. It always seems like oil still has more room to shoot up.
On the DUG: Fundamentally oil is over speculated and the price is much higher than it should be based on supply and demand.
Fundamentals often don't matter short term in this market so you have to look at technicals. Check out the chart of dig on stockcharts.com and you will see that it is approaching resistance at 115. I expect it to bounce off of this to the downside. If it doesn't and goes over 115 with heavy volume I will exit DUG and wait until DIG starts to turn...
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