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Continue to hold short positions…
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Continue to hold short positions…
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Sold opening short…
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We are going short at the opening…
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We are going short at the opening…
When we covered our shorts in the SPY, VNQ, and XLE last Thursday we said we was looking for an oversold bounce for a few days. With todays gap opening, we feel we have had the rally we had been looking for. Lets see if we can close weaker today and begin another reaction further back into the recent trading range.
Intraday recap of today’s action…
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Intraday recap of today’s action…
As we began the day, we knew that short positions had to be monitored closely as Mr. O’Brien had stated in his Daily Pulse of the Market. Our Technometer readings were nearing oversold, and as you can see from the attached chart, volume was not coming into the market as it appeared demand was withdrawn in the opening hour today. We took the opportunity to cover our short-term short positions on the early weakness. We …
We are still looking for lower equity prices near term….
We feel stocks are still poised for a pullback from the top of the trading range. As you can see from the attached chart of the Wyckoff Wave Unweighted (WWU), the technometer is registering a 50.03 reading. We also have a divergence between the OP and the WWU price. We have short open positions in SPY, VNQ, XLE, as well as the bond etf TLT. In our Emini trading portfolio we have gone home short …
We are covering all short positions at the market…
Markets are down once again today, and we are at the lows for the last 3 weeks in some of the general indices. Nasdaq has had a much larger correction as well. Our technometers are not supporting much more weakness, so we think the prudent thing to do is to cover shorts and stand aside. $SPY #XLE $VNQ
We have entered short positions today…
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Stocks have reversed to unchanged on the day from this mornings selling rout.
We covered our short positions into this mornings selling, and now stocks have returned to unchanged. We had some positive indications from the Oil sector from our XLE Technometer, as well as in the Real Estate sector from our VNQ technometer. Because of that we took the opportunity to cover our shorts and stand aside. We think we will be entering short positions here again in a few days on further rally. Stay tuned!