Correction coming? See inverses UVXY TZA SQQQ
- Thread starter KCalhoun
- Start date
Made $$$ trading UVXY today, also DUST KOLD PHUN
Your choices of what to trade in a market trending up ( and some commodities trending up ) are a little peculiar at times but somewhat ok imo on a typical Friday. There were at least as many quality long opportunities as short ones so just picking short ones seems a little limited. And anything you are carrying short into Monday is asking for trouble imo. The best moves were Oil/Silver up and Copper down so I adjusted my positions very early in the day. I took some minor losses on three new mining positions bought near the top but overall had a good day which is always a bonus on a Friday.
Energy stocks were badly lagging the underlying commodity all day suggesting profit taking and then some limited late buying. Usually that's good going into a Monday. The areas that are impossible to predict now are Copper miners and Gold/Silver miners. All have made moderate but nice moves up in recent weeks. Copper hit a bit of a wall late week and Gold/Silver pulled back yet again just when they looked really, really good. I have done really well recently on some smaller, riskier miners that I carried through a big drop. That's allowed me to recover some lost ground that was diluting some tremendous gains I had in energy. So October has been huge for me as a result. I sold some of them at close to weekly tops and basically have only one "legacy" position I held throughout.
I do sense some weakness in IT but I would hesitate betting against seasonal strength in IT and banking in November/December. Smaller high flyers could be bad holds now ( eg Snap corrected 25% ). I remain out of IT because I don't trust it in either direction. Someone I advise has hand picked a few positions that have done really, really well.
Very well put. It would be interesting to see if Ken could trade with the prevailing trend once in a while!
Ken -- we still love you but some of us like @Nine_Ender and myself know your tendencies too well!
Ken -- we still love you but some of us like @Nine_Ender and myself know your tendencies too well!
Mission two accomplished ( if it holds ).
Update on overall correction call made by OP July 8th :
SPX 4321 --> 4600 TSX 20061 --> 21117
SPX 4321 --> 4600 TSX 20061 --> 21117
Ken seems to have called the end of the "Correction" with his 'Bulls are Fked' pronouncement. Some comedy you just can't write as good.