Closed TZA at $9.54. Markets reversed the weakness. No sense it holding this over the weekend from this level.
Sold SPXS $21.27. Not at the stop yet, but markets picking up some steam off of the Boeing news. SPX is back above resistance, so we’ll just take the small loss here and evaluate over the weekend.
We’re moving a few of our stops up this morning. ACB stop $8.66 UGAZ stop $33.69 OIH stop $16.89 ACB stop to $8.66. ACB is off to a strong start, but this sector can turn quickly. We expect at this point that if ACB did pull back to our entry price ($8.66) that it is likely it would continue down to fill the gap at $8.25. We still expect this to be a strong performer. … read more Trade Update
Bought 10% SPXS @ $21.57 Stop @ $21.19 Target @ $24.49 S&P is running into a stong resistance level. We’re taking a trade in SPXS (3x Bear etf) looking for a drop from here. Stop is close. Strong reward-to-risk.
Sold the remainder of our JNUG @ $10.45 Unfortunately the turn in gold came all at once overnight. We closed JNUG for a gain of ~5% overall. We exited IYT yesterday on concerns over the airlines. So far that’s looking like the right move. We were watching SPY for a trade, but so far it isn’t tipping its hand. It’s visited this resistance level quite a few times in the past six months. We’re watching … read more Trade Alert
Sold to close IYT position at $187.67 Because of the Ethiopian Air plane crash there is a lot of market pressure on Boeing, as well as individual airlines right now. IYT has about 15% exposure to the airline industry, so we’re concerned this etf could lag the overall market. There are a couple of other sectors that we are watching right now. Depending on how they look this afternoon we could choose to enter another … read more Trade Alert
Bought 5% size ACB @ $8.66 Stop @ $7.84 Target @ $10.40 ACB is one of our top cannabis sector prospects. They announced market moving news this morning (ACB News) that caused the stock to surge, before pulling back after the first hour of trade. We believe this will be good news in the longer-term, so will take a position here.
Bought 5% size LPI @ $3.14 Stop $2.78 Target @ $4.95 Based on the bullish 2B pattern and the current state of the oil chart, we’re taking a small 5% position in LPI. Good reward-to-risk ratio, though a bit far from the stop for a larger position.