Close NUE, GMCR, ARG, reduced PCR

New Year's Eve:

Closed GMCR, had a good run but the move is tapering around 38.50 for 3 days, chances it is going to pull back.

Closed NUE around $47, very close to the original best case target at $47.50.

Closed ARG, stock still can't really break and hold $40.

Did not open any positions today, like what I see on TSCO, I may to wait until W-3 confirmed, it is on W-1 now.


shorts:
longs:

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GVA (another cont serv)

GNK stopped out! Too bad. Kind of disappointed.
But the gold stock EGO made it up.

Another Construction Services sector, GVA, it closed above 8 EMA today to confirmed the start of W-5. Target 1 is $50 and Target 2 is $60.


By chinltong at 2008-12-29

GMCR closed up $0.05 today, I moved the stop up to $0.20 below the low of today, and will do so everyday. Until it reaches my target of $42, or get stopped out.

shorts:
longs: GVA

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GNK (Water Transport) and PCR (Construction Service)

After the pull back for last week, Steel, Water Transport and Construction Service starting to bounce. NUE was highlighted 2 days ago and today:

GNK: Water Transportation, among the best relative performer,

Stop: 11.84; Target: 19.35, excellent Reward to Risk ratio on stock.

By chinltong at 2008-12-26

PCR: Construction Service, I traded JEC last time, but PCR performed better, so I switched.

Stop: 21.84; Target: 26.8

By chinltong at 2008-12-26

As planned, I closed 1/2 of my GMCR position and moved stop relative to the low of today to $37.34

By chinltong at 2008-12-26


shorts:
longs: PCR, GNK

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Long Steel (Ores)

Stock moves with the group as well as the entire market. Steel stocks have been pretty steady for the last 3 weeks, showing in flow of money into the industry group. I put up a trade on CLF before, now NUE seems to perform better. On top of that Phase 1 and Phase 2 scores are one of the best in the group.


By chinltong at 2008-12-25

shorts:
longs: NUE

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Managing your profit

Managing profit is very difficult, should I keep the position, should I get out, should I just sell half?

GMCR, it haven't reach my first target at 38.44 yet, but getting close. At that point I will sell half, move the stop tight and let it run to 42.00 my final target.



Merry Christmas everyone!

shorts:
longs:

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Gold and Fertilizer

Light volume day? what light volume day?

Went long today on a gold stock, like the fundamentals of the company and it takes up less capital for the same return when compared with DGP, the ultra long gold

EGO:


Another Fertilizer stock with strong fundamentals
ARG, also like SCL.


Best of success everyone.

shorts:
longs: EGO, ARG, DGP or GLD

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another Fibonacci example

See the chart of CNW:

the low is 200% extension.



coincidence?


shorts: CNW
longs:

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Longer Term Fibonacci Retracement

Buddy of mine reminded me to always use Fib on a longer term to look out for hidden support and resistance.

Case in point DRYS.



Still, the four forces of the market: Structural, Fundamental, Technical and Psychology all affect the price action. Lately the negative news has less and less effect on the market, maybe Wave 4 holds?

Couple of long ideas:
GMCR using EMA instead of simple MA, I could make the count. May not work like a text book and it is just an experiment.


DV, three green arrows:



shorts:
longs: GMCR, DV

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New Elliott Wave count on SPX and wrap up the open trades

I closed, CLF, EME, JEC, VMC, DRYS today

Leaving open are SMG, EBS and CBST.

Looks like the announcement from China that they are going to lower Gas and Diesel prices affected the crude oil and material prices all at once. Dollar when up a little on the news too.

Lesson learned on this week, winning is hard, losing is easy in the market. There are so many nuances, any trader can over look one and lost his pants.

See my count for the SPX, I think we are on the W-4 corrective now and it was confirmed with my buddy's more sensitive charts, which it is in a-b-c corrective mode now.



shorts:
longs:

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DRYS, CLF, EME long analysis

My rules allow me to enter on a piercing line candle formation, today we saw quite a few. These three also stocks met the 2:1 risk to reward ratio and moved the highest percentage in my watch list.

Many would know DRYS was once a $120+ stock during the commodities bubble.
Now after a steep decline, it completed a double bottom, pulled back and on the uptred.



CLF, a favorite of mine, also suffered from the steep decline, it formed a higher high and higher low already.



Finally EME, similar pattern as CLF.



shorts:
longs: DRYS, CLF, EME

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Bull Flag pull back to 50%

For directional traders like me, times are not easy on the index ETF for the last week or so. Long range day, but not much directional day to day movement.

Today is no exception, but the pull back is decent to 50% from the high couple weeks ago. Remember the giant drop to broke the lows.

There is a misprint on today's SPY chart, it should be a red candle all the way to 50%.



I am looking for a small range day tomorrow, hopefully a doji and break out on Monday. Wishful thinking. The recent bounces have been a higher low and higher high AND Inverted Head and Shoulder Breakout. So my 1-2 week posture is still bullish, having said that, I still trade bullish stocks in bullish market. And pull back in the market are watching days, not action days.



shorts:
longs:

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Bubble again? Case in point Steel

IT students (clients) have access to an Industry Ranking, while there was a drop off the cliff for many commodities related companies, Steel as a group climbed back on.

Check out GNA:

Just keep watching for the pull back on W-4 and a legit entry on for Elliot Wave 5, now it is still on W-3. Today it hits 161% extension, so it is probable that a pull back is coming.



Stock so cheap, it is better than option.

shorts:
longs: Steel, GNA

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Facing the end of days

Today is the day before Thanksgiving, so it is extremely quiet in the office.

I browse and saw this post:
http://traderpsychology.blogspot.com/2008/11/farewell.html

He was staying goodbye and decided to spend time with his family in his final days.

I guess I am always the lucky one. At least I have my health and a loving family. Not sure what will I do should I have a popular blog and frequent readers. After reading this post, I will do nothing but to enjoy my next 9 days at home with my family.

Happy Thanksgiving. Be with your love ones!!

shorts:
longs:

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what is a trend?

Text books say: a trend is a series of higher highs and higher lows, REGARDLESS of time frame.

Don't fall in love with the stocks on your watchlist, if none of them are trending, find something else.

Elliott Wave theory suggested after 3 waves up, there will be a consolidations A-B-C, same was suggested by the book: How to Trade in Stocks, stocks

A friend in IT told me that Elliott Wave theory demands:

• Wave 2 NEVER Moves beyond the Start of Wave 1 (otherwise it is a trend reversal).
  
• Wave 3 Cannot be the shortest, most of the time it is the longest.
  
• Wave 4 will not violate the price territory of Wave 1.
  

shorts:
longs:

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5% rally in the final hour

Really?

I thought it was a normal expiration Friday thingy.

One day up, follow by 3 days down.

It is hard to trade against the trend, the market posture, they are all Bearish.

shorts:
longs:

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Reminiscences of a Stock Operator

Chapter XII
It talked about his encountered with a man he admired so much and led to one of his multiple destruction of wealth.

As I reflected for the last few months, I have been following a man that I admired. I listened to all of his web cast, I read and read again his blog posts. The fact the he claimed he was once a very successful trader, and he authority in his speeches, had played trick in my mind. I was ---sized" by him.

I lost sight of the the overall trend, of the overall sentiment. He is a perma-bull because he made money in the bear market, and I wanted to do the same. I actually wanted to make money in any market.

The outcome was terrible, I though he called the bottom many times during last few weeks of side-way movements. I loaded up on battered stocks and sectors, because they will bounce the first. I lost money. I did not lose my pants, but I lost more than I like. All the time, I could not figure out.

So the day came when my subscriptions expired and I no longer listen to him "religiously". And sitting down, with no voices echoed in my head, I looked out to the lake. It occurred to me that I made the mistake again. I lost money on the last consolidation during July and August. And determined to make up my own mind.

Best of success, everyone.

shorts: Everything
longs: ultra shorts, QID, TWM and so on

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Elliott Wave, 5

I don't blog for living, so I just blog whenever I can.

Yesterday, S&P, Russell, NASDAQ broke support. Buying exhausted on Nov 13 with spectacular candle. I posted earlier that it has high probability to reverse the down trend. But it did not happen, subsequent days of selling has pushed the overall price to close below the low of Nov 13.

That lead to another interesting technical topic.
Elliott Wave, we should enter wave 5 on this downward move and will be looking forward to A-B-C once 5 is completed. However EW theory is very hard for me to use because it is difficult to see when the new wave is started or it was a continuation of the old wave. So it must be used on top of all other tools.




EW however is a reflection of human psychology, buying takes place then stock retraces to some level and buying resumes because it was at a point that people starting taking profit when buying stops.

After 3 legs up, stock usually consolidates in the A-B-C.

So we will see.

shorts:
longs:

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HP or HPQ?

Have anyone wondered why stock symbols are selected?

Hewlett-Packard announced earnings, and stock popped, stock symbol HPQ. As shown here on the Google Finance site, stock symbol HP was more popular than HPQ.


By chinltong at 2008-11-18

Anyways, jokes aside. it was a giant spinning top at 2:00 pm, and it turned into positive at the end. At support, a Bullish trade entry on the DIA will be close above the high today. All technical evidence pointing to a bounce.

The market can do whatever she wants. Just be prepared if the market does not bounce instead broke support and falls more.


shorts:
longs:

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High Pprobability Trades

Trend is your friend.

Spend time to cement the fact that the market is in strong down trend.

So the high probability trades are bearish. There are no doubt occasional bounced up, but the easier trades are bearish.

The four sisters are teasing the lows at close today. Watch the price action, it the low is broken tomorrow, the move will be spectacular.

On the other hand, if the market bounced tomorrow, it will be quick and furious too.
So keep your powder dry for tomorrow could be another interesting day. If it is not, what the heck just wait for a good entry.

shorts:
longs:

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Capitulation?

Look at the white candle in Dow, long shadow and possibly close above yesterday's high.
Too bullish to be ignore. Hope this round I can get my confidence back on the high horse

Today, I opened the following trades
INT stop 28.57
MYGN stop 63.40
AFAM stop 43.79
CBST stop 23.58
DDM stop 28.85

Again the Starbucks venti expresso frap did the trick.

shorts:
longs: INT, MYGN, AFAM, CBST, DDM

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Feeling lonely? Not!

I like to make myself feel good. I like to read stuff that would make my laugh and happy.

Today I read two articles:

By chinltong at 2008-11-12

And

By chinltong at 2008-11-12

So I was not the only one who got caught by the bull trap.

At the end of today, as suspected, my DDM and AFAM stopped out. And as I planned, I went long on
DXD, target 95, stop at 79.42


But seeing the other 3 sisters, they are pretty close to their last low, I would not be surprise it hestitates and move the other direction again.



shorts: DIA
longs:

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Frustrating day today

Every time I have a losing trade, I take a look at it and wondered if I have missed anything.

Today is no difference.
I've got stopped out:
AFAM, DDM, SPTN, ABAX, VIP, BTU.

counter trend trades: DDM, BTU, are high risk.
The uptrend was not confirmed on VIP, just a higher low, so it is still a counter trend trade.

AFAM, entry was correct. But there was no follow through.

SPTN, entry was NOT correct. 2 days after the bounce.


At the end of the day, I open new positions on DDM, and AFAM.
DDM, I draw a line at $32.80, which is also the 38% fib retracements.
there are 9 touches, on the line, high, low, open and close.
And today it closes at that line too.


One can also see a descending triangle forming, so if it breaks out to the down side, I will go long on some DXD.

AFAM: today its low touched the support with a long shadow.




shorts:
longs:AFAM, DDM

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Hedged!

This is more like it. No one knows the future, so I hedged my positions with QID, and today it took off, enough to move the stop to profit at $74.11 the open of the long hollow candle.



it is congested in the $75 area, we will see at the end of the day. If there is a bounce up, continue to go down or just getting congested.


shorts:
longs: Always be cautious

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QQQQ Teasing the $30.20 level

Look at this chart, QQQQ tested the area between 30.20 and 30.40 for the forth time today. I am just not ready to go bearish on it again, nor I wanted to go long on puts on QQQQ.



But as a hedge, I went long on QID at the end of day.

shorts:
longs:

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Interesting Day so far

Open a long position in AAPL, stopped out an hour later.
Open a long position in ATI, got out later.

That is the draw back of intraday buy stop entry, but that is ok.

New trade:
ABAX: stop at 14.21, very bullish when the market is down and it is just a doji.

BTU: opened at 20DMA, giving a bounce. I will open a position with half of the position size.



shorts:
longs: ABAX, BTU

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bounced up, enter bulllish trades

Today's new trade:

VIP: stop at 13.73
AAPL: stop at 95.72
EZPW: stop at 14.52
ATI: stop at 23.06

New stops for the open trades:
AFAM: 49.20
SPTN: 25.20
CBST: 24.30
PETS: 17.29

The goal is to take any trade risk as soon as possible. If the stock moves up considerably good

Waiting for a decent fill on DDM too.

shorts:
longs: AAPL, EZPW, ATI

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Saturday afternoon

everyone in the family is taking a long nap, and I told a wonderful nap too. Not a big college football fan.

VIP, Stop at 13.40,
Target 1 at 19.7
Target 2 at 25

SWN, buy stop at 34.74, stop at 30.82,
Target 1 at 40, pull the stop really tight
Target 2 at 45


SSO, DDM, UWM, QLD, one or more when they confirm the harami on Monday.
SSO: Target at 34.5
DDM: Target 1 at 40, Target 2 at 43.6, it made a higher high on the last swing up on Tuesday.


UWM: Target at 27.15
QLD: Target at 37.3


AFAM: 47.30
SPTN: 24.36
PETS: 17.29, using S1, half way of the long white candle on 11/06
CBST: 23.57

shorts:
longs: VIP, SWN, AFAM, SPTN, PETS

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Daily Maintenace

If I break even on every trade, I can trade forever.

Especially for the Ultra Shorts, QID and FXP.

New stops:
QID stop at $68.88
FXP stop at $96.60

The other trades, just use $0.20 below today's low for the stop.

shorts: job report tomorrow
longs: some sleep

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Long PETS 1 green arrow

At the end of the day, I will open a position on PETS, it showed up on the one green arrow search but when I caught it after the bounce, today is a bullish engulfing. It is a bounce entry for me today.

Stop 0.20 below the low of today.


One more ultra short entry FXP, target $180.

shorts: FXI
longs: PETS, FXP

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Busy day

I could not sleep last night, sweaty and all. First thing I did this morning was to get out from my Calendar on AAPL, should not have sold the NOV Call, should have got out.

Then Long DEC put on RIMM, as it gaped down and confirmed the bear flag.

Then Long ITM NOV put on QQQQ, it confirmed yesterday, I was just late.

On the Stock side,
Went long on QID, same reasons as the QQQQ.
Went long on CBST, confirm bounce yesterday.
Buy stop executed on AFAM, 0.20 above yesterday's high

put a buy stop on UAUA at 16.34

Still long SPTN, nothing need to be done yet.


shorts: QQQQ, RIMM, x
longs: QID, AFAM, CBST, UAUA, SPTN

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Strong selling today

Today's selling had kicked me out of all my remaining swing trades, except for SPTN.

so PRU: break even
APPL and SSO both hit the stops.

But I sold a NOV 120 C on my option and kept my long DEC 120 C today.
Hopefully I can recoup some losses.

Need to wait for the bounce again.

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Out from UAUA and BTU

I am out from both of the energy trades, UAUA stopped out yesterday for a tiny lost and BTU stopped out today on break even.

Moved the stop on PRU to break even, according to the rules.

Pretty sure there are much more to come today.

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Pendent SSO

Another entry: SSO, coming out from the pendent consolidation with increased volume today, which is icing on the cake for me.



You can trade DDM, for the Dow stocks and QLD for the QQQQ
However there is no entry for UWM.

shorts: none
longs: DDM, SSO, QLD

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Long APPL, out from AFAM

AFAM: cautious is the great word here, I moved the stop to the low of yesterday after the doji, and it stopped me out today.



Ready for entering AAPL? Here is the setup



shorts: VIX
longs: AAPL, PRU

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PRU -- long using reversal rules

PRU, earning is out of the way.
stop at 30.07, once it moved $1.00, move the stop to break even, then use 8 DMA for trailing stop.



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shorts: ??
longs: PRU

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Still Bullish?

2 legit entries today,

SPTN, 30 DMA rules, stop at 24.02


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UAUA, break out, I added to my position, stop moved to $14.72


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shorts: still VIX
longs: UAUA, SPTN

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buying buying, My disclosures

At least some one noticed


By chinltong

So it basically means, selling has exhausted for the moment and buyers come it.

Here are my holdings in my IRA account:

By chinltong

It is difficult to make a case for new trade in the middle of a upswing or downswing, since most of the stocks move with the market.

Whereas if a stock bounces in a different direction of the market, it could be the leader, in which I like to take a trade. For example, if a DOWNTREDING stock bounced down in a up market, like today, it means it is weaker than the market. But I think the general market is in the UPTRENDING mode, and I'd like to stick with the trades, so I would look for new trends at the end of the pull back, it may come in a couple of days.

shorts: VIX
longs: sitting and waiting

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New Trades anyone?

Well, another Trend reversal trade using the reversal rules.

BTU, stop at 29.30 (0.20 below today's low) and once it moved beyond 8-Day MA, use the 8 Day MA as the trailing stop.

And a 30 day MA break out trade

AFAM, stop at 36.77 (3% below 30 Day MA)

BTW, I also added to my investment positions, BFD, EXG at the end of day. I left out BGY since it has been lagging. My goal is to accumulate enough to generate 10k per year on my IRA.

shorts: VIX, if you are interested
longs: AFAM, BTU

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What to do in a volatile market?

Excellent example today.

GE announced 5 minutes before the close, and brought the market down.
Why did GE do that? They have very good reasons, but GE won't let anyone know. When the dust settles, I am sure we will know.

It was holding very nicely all day long until the sudden announcement.

So what to do?
A) trade smaller size.
B) set wider sotps.

No Entry today, but holding on to my SSO positions. Moved stop to $29.13.

DOW is simply the strongest amongst all four sisters, I have a watch list on all 30 Dow components.

A few worthy of mentioning for bottoming.
AXP, BA, CVX, HD, KFT, JNJ, MCD, MMM and VZ

shorts: not yet
longs: not yet

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Is Market Bottoming?

Is this the bottom?

No one knows, but today's price action gave me entry to SSO, Ultra Long SPY. I will watch it as it reach $34, if there it forms a long candle, I will sell out at $39.80.

After I entered, SSO already moved $1.00 and I moved the stop to break even.

Look at all four sisters, even IWM broke out!



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shorts: VIX
longs: SSO

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Dave's reversal rule

I am not Dave, not even close. So this is one of his rules that I found useful.
You can read his blog at http://chartsignals.blogspot.com/

Setup
Entry:
1 - There must be a double bottom or slightly lower low chart pattern for an upside reversal. For downside reversal there must be a double top or slightly higher high chart pattern.
2 - There must be a bottom/top candlestick reversal pattern present on the second high.
3 - There must be a positive divergence for an upside reversal and a negative divergence for a downside reversal in the stochastic indicator.
Buy Signal: Buy on confirmation of the candlestick pattern.

Exit:
4 - Initial stop loss is set 20 cents below the low of the candle pattern for an upside reversal and 20 cents above the high of the candle pattern for a downside reversal.
5 - Once the trade produces a profit of $1.00, stop loss is moved to breakeven (the entry price).
6 - Once the eight day MA moves past the breakeven point the eight day MA becomes the trailing stop. The trailing stop is the Target Price.


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Sectors summary

At the end of Friday, there are two categories of sectors:

1. Higher Low: Financials, Health Care, Transport, Energy, Utilities
   
2. Lower or equal Low: Industrials, Oil & Gas, Technology, Steel, Coal, Discretionary, Staples, Materials and Retail
   

Dow, S&P and Rut all made a higher low, Nasdaq made an equal low.

shorts: married to your opinions
longs: mentally flexible, take quick profit

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are we bottoming?

The chart is saying so. Today's higher low hammer and confirmation tomorrow would done the job.

As a trader, I need to maintained mental flexibility. Enter the trade when you are supposed to, Exit when you are supposed to.

Closed all of the bearish positions and went long on SPY calls and SSO

Closed my short Calls on IWM and let the long call ride. What a day, another 600+ range.

shorts: the ultra shorts
longs: SPY, SSO

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Back to trade with the trend

Quick list for the short ETF's
stop are place between yesterday and today's gap, target are all the the last high made on Last Friday.

DUG, stop at 50.82
EEV, stop at 114.42
QID, stop at 68.42
TWM, stop at 99.82

Now follow up on my trade on IWM, my fibo was wrong because there was a bad print on Sep 19, I did not found out until after market yesterday when I looked at the TOS chart. I am completely responsible, no one else, should have double checked.

So today, I put up a short call vertical on the IWM when it turned down.
I also put up half of the position size on the QQQQ put during the day, and will add to it at the end.

shorts: QQQQ
longs: DUG, EEV, QID, TWM

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Counter Trend Trade Ideas (IWM, UWM, MVV)

Charles Dow, stated market retraces 1/3, 1/2 and 2/3.

So today on this counter trend bounce, I measured the 1/3 retracement as my target, and it also happens to be the congested price level tested on last Monday and Tuesday.

A) UWM, Ultra IWM, stop at 26.82, sell 80% at 34, keep the rest


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B) Calls on IWM, target when IWM hits 60, stop at at 52.45

C) MVV, Ultra MidCap 400, stop at 31.42, sell 80% at 41.91, keep the rest

Charts are pretty much the same, so there is no need to repeat it.

another point of the ultra shorts are doing their jobs.
QID (-23%) went back to the level I entered 2 Thursday ago.
EEV (-77%)
TWM (-21%)

Best of success everyone

shorts: impatient
longs: IWM, UWM, MVV

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Actively watch your retirement account

The recent volatility has led me to ask around in my office, for some horrible experience.

Though this downturn has not completed, there are plenty of stories from the last down turn.

Mr A: had close to 2 million in his retirement account, 100% of his retirement is on his company's stock. At that point it was worth more than $900, split adjusted. He did not watch nor move his money out. Now that company's stock is at $1.50 and in his late 50's, nothing he can do.

Mr B in his 50's: again close to 2 million in his IRA, 100% on his company's account, different company from above. He saw the stock starting to collapse and called his broker to move his investment so something else. Unfortunately he need a PIN to move the investment. They sent him the PIN, it was lost in the mail. Three weeks later he called them again, they sent him again. After six weeks, his retirement account has dwindled to just barely 5 digits.

Ms C in her 40's, was once almost had an over a million account, lost it, and said it is her destiny.

At the peak of last dot com bubble, I was 95% on my company's stock, I only moved my money out after it has lost 50%. I took me 5 years to recoup my losses, I am on the better off side of the ledger already.

Stories told. But none as real as those I heard from the first persons.

So beware, no body knows the bottom. But if you don't always keep an eye on your money, they will run away.

shorts: buy and hold
longs: active management

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Never ever add to your losing position

Yes, this is a no no, when we trade. But I broke this rule today. I added my AIG position today. I am at a point this is my max position size.

1st lot: 3.01
2nd lot: 3.87
3rd lot: 2.67

DONE!. The plan is to sit on these long term options with no time decay.

Why AIG, not anything else?
1)it is below $5.
2)Uncle Sam open his wallet already to bless this company.
3)Management tries to work things out.

Still AIG can go to zero. So position size appropriately.

Let me bring out another stock, NT. And here is the reason for me not entering into NT.
1) NT did not dropped like a rock from, it dies of chronic down trend.
2) No Gov't support.
3) Management is useless.

Just my 2 cents.

shorts: Tech, NT
longs: Gov't supported companies

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Trading Dry Spell!

I woke up this morning, Futures are all over the place, from up 200 to down 200. So what will the 1/2 % rate cut do?? Nothing.

We need to trade Psychology now. Price actions are too quick to follow for a multi-day trader like me.

Just can't resist, need to put this chart in the history.


By chinltong

I have been waiting for a bounce since Monday close, it felt like 2 years too long so far. But it did not happen,

Remember: The Market is always right.

As anyone can tell, I don't see any entry for a couple of days, this dry spell is not very normal. Moreover, the option spread are RIDICULOUS, my last trade on QQQQ, the spread was $0.05 on a sub $1.00 option!!!

For those spread traders, it is not easy to get a fill. So it is better to take a deep breath and wait for the inevitable bounce then short something. Anything.

shorts: waiting
longs: family time

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Dow ended at 9447

Support and Resistance are AREAS, not precise point, having said so, yesterday's low was 9525, today's 9447. I'd say not yet, but close.

Yesterday I went long on UYG (no stop) and long XLF OTM calls which stopped out today.

As for the short bans, I don't think it will have much effect, and then I can be wrong.

No trades today, no new shorts, the move made was too drastic.
No new longs, either.

shorts: NIL
longs: patient

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Worldwide wreckage?

Don't really think so. it is time to take some profit, I closed my QQQQ puts today and sold 80% of my QID, and tightened my stop on QID to +$5 of my entry. Because the QQQQ has reached my bearish target today at $34.05.

It is not a time to be hero, just be nimble.

Check out the chart for Dow, it has completed a bear flag. If the support holds, it will bounce for a few days to weeks (like last time) before it plunge again. Basically, I am saying DO NOT open new bearish position today!



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I believe all index move together, so I am very cautious and take profit. Wait for the next bounce down, it should be as specular.

I will venture into UYG at the end of today, it is the strongest of all sectors at the moment.

shorts: impatient
longs: UYG

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