ETF Trading Research 9/8/2016
Trades for Today
We did a 1.3% overall return for the day. Could have been a bit higher if I called exits then but we’ll take it with 3 out of 4 positive trades. JDST I lowered the exit from as by the time the alert came it had fallen to that area on the Level 2 screen.
Economic Data for Tomorrow
Yesterday I gave out the 4 Economic Data sites and I have now included them in the Trading Rules #11.
Not much data for tomorrow with wholesale inventories as a small market mover and the Baker Hughes US Rig Count Crude Oil. Today’s data saw the Initial Jobless Claims come in better than expected but the markets shrugged if off and declined. Gold however did pay attention and fell. Crude inventories decreased and we caught some of the rise in oil with UWTI.
Yesterday I put SOXS on the one to watch list. I said it could be a buy if it opened green and the futures were red which did occur. I said to scalp the open run and it went up only 20 cents so would have been difficult to get much from it. It closed right where it started to day so would have been an overall low risk play. I’ll sit on the sidelines right now but keep it on the watch list.
We didn’t get any triggers on the market today but liked to see some weakness come back. No call at present.
RUSL I gave as a potential call yesterday too. It did open higher at 75.84 but closed lower at 75.11 and never hit the stop of 73.94. It is sitting at 77 after hours. If you did take the trade, your stop would be 76 if indeed it opens 77 or higher tomorrow. Move the stop up 25 cents for each quarter point it moves higher.
YINN or YANG gave YINN the edge on data that wasn’t really that great do I didn’t call it.
TBT became a trade today that we could have held onto but because of the volatility here I decided to scalp instead. It closed lower than our sell price and we might give it a go tomorrow again. These have a bit too much volatility. I could have called the selling of it higher to make me look good but I had to give the trend a chance to take off. It didn’t want to so we took the profit.
Yesterday’s report I said I lean long oil at present and today, AFTER the report, we jumped on board for a gain. Here again I could have called a sale higher, and did recommend some to lock in profit when happy, and it started to fall so we locked in profit. I still lean bullish.
UGAZ I thought about calling after the report today but it wouldn’t done much for us except be a scalp. Will keep an eye on it.
Precious Metals and Mining Stocks
DUST had some carryover today and we caught a small piece of it. JDST never got the gusto to break higher but by 16 cents from the call and we took a small hit from it. I still lean short the metals. Dollar is still your key. Simple as that lately.
From time to time I will be adding individual ETFs that have triggered long or short based on market trends. These may or may not be leveraged. These types of trades will be more for longer term swing trades for IRA’s where we can catch a good directional rise. I care not what the overall market is doing with these calls and will provide entry and exit strategies.