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The grind continues. The S&P tiptoed up to, and slightly through, the 1370 level and backed off. It was basically a nothing day with a smattering of moves on an individual stock basis.
The planet earth is watching this level on both the DOW and S&P, so if you think you are alone you are not. Do we break higher or do we fall from here? That’s the big question As you know, I could easily make a case either way. You could too. The market will follow who blinks first and that could happen very soon.
I’m very frustrated because I wold like some resolution. I’m basically agnostic on direction, and I like to feel somewhat hedged at these levels, but SQQQ, TVIX and SPXU are not cooperating. I don’t mean to confuse anyone regarding these three positions. My mistake was not putting in wider stops from the get go and stressing more of the hedging nature of the trade. That’s on me, my bad. I will make a decision on these three names over the next day or two for sure. Some of you took the initial stops and some of hung with me by holding.
FIO, WHR and RY triggered today. WHR triggered about 40 minutes in and the volume was excellent. RY was a slower move but the chart looks great and FIO triggered then backed off. I took off 1/3 LNG on that pop at the open and raised the stop. I also raised the stop on WHR.
HUN came close to triggering, so keep your eye on that one tomorrow.
Hope you had a good day and I will see you on the chat in the morning.
Joe