ETF Trading Research 5/16/2019

Was a quiet morning with a slight bullish tint to it to our targeted top area of 2880/2900. We chose to go short and scalped some profit in there. Now we have to see if markets have in store for it one more higher high to add to hour shorts and be fully short which is the goal. However, For the 9th time, we have had our shorts turn into sells so that’s why we are only short right now with half shares and not all 5 of those we usually short.

JNUG fell to a fresh low and USLV became a sell with DSLV a buy showing metals and miners have more weakness ahead of them. Technically they have been moving inverse of the markets, so we’ll see if that continues. I do see bigger picture a move south in miners with the market, so not looking long but for bounces and scalps only. DUST I gave as a potential trade you may have done well on.

Nat gas data came in negative but UGAZ is still in bullish mode and did end up today over 26.

Oil has been strong and data shows it should get weaker, and it will with a market fall. DRIP and DWT should do ok for us then.

SOXS jumped the gun short today with the Huawei move by the Trump administration to  block transactions and we can expect retaliation. This and the Iran situation heating up makes one lean short overall. Main reason I didn’t want to jump long today officially.