Bought 10% size of TGT @ $86.26 Stop @ $83.95 Target @ $93.98 We’re still not convinced that the general market selloff is complete, but there are some compelling setups with limited risk worth taking some small positions now to see if the market can in fact rally from this level.
Bought 10% UCO @ $30.60 Stop @ $29.40 Target @ $35.90 USOIL is in a perfect timing band for a cycle low here, and has just broken above the 200-DMA again.
Adding a little to our USLV trade. Bought 5% USLV @ $65.64 Stop @ $59.89 Target @ $86.95 Dollar neared resistance this morning and then rolled over as stocks fell. We’re going to add a little bit to our Silver exposure here and see if the dollar can indeed fall from here for a bit. A pullback in the dollar should equal a pop in the metals.
Bought 10% SPXL @ $45.00 Stop @ $42.25 Target @ $53.75 While there is no overwhelming evidence that the market put in a bottom today, it did present with a nice 2B low and is rallying into the last hour of the day. We are just taking a 10% size here, and if the market does indeed make a turn higher here in the coming days we can add to that on the way up.
Sold GDX @ $20.08, Sold WMT @ $96.04, stop hit on SPXL @ $95.70 Currently out of all positions. There is a real lack of clarity on the charts right now. Gold is up despite a very strong US dollar. Something has to give there. The S&P is up and down, and again, there just isn’t any clarity to that chart at the moment. WMT has been strong despite the weak market, but with the … read more Trade Alert
Despite making two long trades this morning, we still believe there is a chance that the markets could have another leg down before they really make a full recovery. However, there are a number of solid setups at this level, and today’s momentum shows that there is also a good chance that traders are willing to shrug off last week’s weakness. So, with the trades in SPXL and WMT we have kept the trade size … read more Trade Update
Bought 15% SPXL $47.29 Stop $45.70 Target @ $54.49 While we still believe there is a chance that this big market drop could have another leg down, today’s sharp breakout back above the 200, and probable swing low, gives us reason to get in on the long side of the market.
Re-bought 20% GDX at $19.64. Stop $19.02. We stepped aside this morning in case there was a steeper sell-off, but now that it abated, we are re-entering the same trade.