ETF Trading Research 5/13/2019

We had a market that opened south on us today, so much that it was hard to justify a trade short the market. I did however give a strategy to do so with a 2% trailing stop pre-market. Maybe some of you got that for some profit.

Instead, I waited for the support area to go long and we came out with some decent profit. Not home runs but I am not expecting home runs with this market.

We did lock in a bit over 6% with the mining stocks and 4.11% on JNUG. Was just a few hours too early but we did ok.

Tomorrow I still think if TVIX breaks below 28 we should look to get long the market. There is major support going on right now at 2800 area. Below that 2785 but we’ll know tomorrow if we break lower or not. I tend to think we bounce higher. TVIX didn’t get to a buy again even with that reversal higher. Like to see more red coming from shorts though to signify a bottom might have been reached. Or at least a temporary bottom.

I’m willing to go short if /ES breaks down but we have to watch the support levels. Since we have two so close, the upside on a short is limited here. Also, Trump will do what they can to get markets going here. Watch for it. But does Trump have his facts straight? Does he really know what he is doing?

Futures down to 2799.75 low so far after hours. 2803 as I type.

Glad to be in cash as one Tweet can send this market up 10% overnight.