Update On My Positions
EEM today blew through the .618 retracement so I took off a little more than half my position. I added to it yesterday at 50% and immediately took it off today (at a loss) when the two thirds retracement level was taken out. So now I have a small position with a stop above the high from a few weeks ago. This is a frustrating trade because when I shorted EEM, I had a nice profit in just 3 days, now I have a loss. When I'm against the trend, I am very quick to get out. Now I'm just going to leave my stop around the 116.50 area for the remainder of my position. If I get taken out it will be a small loss because I have less than half of my original position on. Very frustrating.
QQQQ I am short and showing a small profit. I still think the NASDAQ will move lower so I am going to just sit tight with this position.
My commodity stocks are doing very well. As you can see in the above chart, CRX had one of its largest 1 day advances today. All my oil, metal and steel stocks that I have been buying and wrting about every day are really starting to move now.. I'm going to try and press this trade for some more profits because I believe the move is just beginning.
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3 comments:
I'm still holding a small EEM short position. The only thing I don't like is that EEM retraced too much of the down move and the major trend is up so that's why I quickly cut the position down.
Now I'm just going to sit back and watch. If I see some weakness I'll add to my position. I don't mind shorting into weakness but right now I see strength.
You've written that your stop is at 166.50 -- I assume you meant 116.50.
Good catch..If my stop was at 166.50 and were to get hit, my career would be over!..Thanks
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