The government wants to run companies now. Well…least to say this was expected.
The breadth of the market still looks ok, given the two day drop. I am still on the longside.
Some ETF ideas: SSO & QLD
I do not like predicting the markets, but we will see a rally for a few more days/weeks, but each passing day only confirms we are coming back down soon. So keep that in mind.
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I still feel comfortable being long, volume has been good.
But please make sure you lock in profits at every opportunity.
Money management is key, I have been locking profits as early as 8%.
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I have made a killing on FAS in the last few days, I have been locking in some profits.
The S & P – 500 had high Volume yesterday.
The really initially started with beaten down stocks.
But now the large and mid caps are showing strength across the board as well.
I am LONG for the near future.
For a safe play you could consider SSO.
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ETFs I am watching this AM
Symbol Last $Stop-Loss
GDX 32.05 29.29
DTO 210.97 188.15
DGP 19.51 18.13
RKH 41.12 36.4
SCO 41.28 36.83
KBE 11.65 10.43
FAS 3.96 3.06
FDD 8.1 7.55
RYE 30.41 28.6
UYG 1.96 1.67
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The market is going to go lower, all these ETFs on the short side topping the scan is very evident. The market looks very weak for a decent rebound. Thus I am short even if we see a small bounce.
List:
FAZ
RFN
TZA
SKF
SIJ
BGZ
SJH
DPK
SRS
SJF
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The bounce is not strong enough.
I have been monitoring the S&P-500 acutely.
The rebound was a very soft one, thus I still do believe, we might have a down side in the near term.
But again it is not about opinions.
ETFs showing in my scan:
FAZ
TZA
RFN
SKF
SIJ
BGZ
SJH
SJF
DPK
SDD
I am still holding TZA from before. No new positions yet.
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Posted by .
We are in difficult situations here. I strongly feel the market will have a short term rally soon( 1 week or so).
Sit tight and preserve your cash. When in doubt don’t do it.
Keep and eye on FAZ , FAS and TNA for quick day trade only.
DO NOT HOLD THEM OVERNIGHT~
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