ETF Trading Research 1/16/2019
Today we sold off the 3 overnight holds for small losses and bought back half shares at a time lower once we surpassed the 2620 mark in /ES. We got a new red weekly in SOXL which tells us to start looking south now and just need a few more to turn red to get the ball rolling. This should happen tomorrow. I’d like to step up the profit potential a bit on some of these as for example LABD and TVIX have been hit pretty hard and I think we can get some good momentum going for us in them.
We had a dud, a good trade and a dud in UGAZ. Could have stuck with it a bit longer but after missing DGAZ at lunch, thought I could pick up the dip in UGAZ. Controlled the loss so it wasn’t too much but could have played that a bit tighter on the stop out. Been doing great on these though and DGAZ was the trade once we hit 3.70 and now way I should have missed that buy. That said, if you look at the ETFs we are long and up on all half shares except one DRIP buy, we are positioned for some magic to occur maybe now. I will say though, this market is way too resilient.
Gave JNUG a shot early on and small stop out in it. It did move on to a higher high so possibly too tight a stop in it or buying too early in the morning.
We can keep an eye on DWT now too for an entry if you are looking for another ETF to get long. It is 10.30 after hours and should rise with the market fall, assuming we can get this darn market to fall.
2570 is the support area we want to reach. Under that is grave and we’ll have already profited well and will look for the opportunity to get long the closer we get to 2500. I will say that a resolution to the government shutdown would hurt the shorts. But for now don’t see that happening. Especially with this kind of headline; Speaking with CNN, House Majority Leader Rep. Steny Hoyer said that President Trump has been “disinvited” from making the state of the union address. https://www.zerohedge.com/news/2019-01-16/pelosi-demands-trump-delay-state-union-over-shutdown
We’re a wee bit out of control and the markets need to wake up to that reality or someone is going to start calling this market manipulated. Me. But we are priced right I think no matter what and hit our targets. Let’s see if we can ride to bigger profits.
