Above is a picture of the SPY. I am switching to the SPY because I lost more than I should have this week due to the SPY having more risk than the portfolio allows. By switching to the XLF I am able to manage this account correctly according to my rules. I will post a chart of the XLF on a weekly basis as well as this chart just to keep tracking them together.
We have Coronavirus scare coming on this week. Oil is tanking and the Fed is creating more dollars. Bearish, Bearish and Bullish. I was short at the start of the week. Tuesday I received a signal to get out of the short position. Then today Friday I saw the market moving down with lots of weakness. I went ahead and placed a surfer trade short and was able to scale half before the end of the day.
Early today 10:30 our time
Buy 2 Feb 21 323 Put 4.77 Scale half 5.67
Buy 2 Feb 21 332 Call 1.10 Scale half .90
Sell 2 Feb 21 323 Call 5.48 Scale half 4.85
Friday’s close on the daily chart indicated to get short the SPY (Conditional Change 329.27). I had rolled the Calendar trade I was doing earlier that morning and then closed it so I was hit with dat trading rules. I am conducting an experiment to take a small account of $3,250.00 and see how much we can pull in a year. So far the account has increased $240.00 which is a 7.4% increase.
Feb 18 2020 328 Call 1 Contract Sell $5.08
Feb 18 2020 328 Put 1 Contract Buy $3.89
Feb 18 2020 337 Call 1 Contract Buy $.31
Starting with the /ES Bullish, /ZB Neutral to Bearish, /GC Neutral and /CL is Bearish.
This is quite a push. Maybe now that QE mini is back we will see this continue. Remember to trade what you see. What I see is that we have new highs with on balance volume well above the average. Price up OBV up means strong positive delta trading. I will explain what this means soon in a video.
I am out for a little while. I had Hip Replacement surgery this week and taking too many meds to trade. I am going to try again to get this up to speed. Pretty simple read at this time. I am looking to buy a few long puts with the idea of a pull back.
CVS Long Call will scale at 75.95 maybe…
This is a pretty nice move. OBV is up, MA,s up, price is well above the high Keltner. We have been working on an indicator that we are liking a lot. I think we will share it at our next meetup Albuquerque Market Traders. Maybe we will see you there. Interested what you think of the arrows and dots on the chart. More to come.
Tesla had a really nice move at earnings. Nice move up after then down we go. On Balance Volume is saying that sellers are in control. IBD Accumulation/Distribution is at D-. So now where to??? 296 will be tested next week and then I feel it will go to the next level of 277. Gun to my head trade would now would be buy a long put with at least 20 days to expire until it gets to support.