The short-term model is oversold after the declines Friday and this morning. So I am going to post the SDS trade exit price as the current price around noon ET. For anyone lunchtime only traders I would suggest exiting now. For anyone able to trade at the market close, I would suggest selling it a few minutes prior to the close today as today has the typical qualities of a close near the day's lows.
The entry price last Wednesday was 76.14 and the current price is 80.67 as I type for a 5.94% gain.
My guess is that the next blog trade will potentiall be a bullish trade if theS&P 500 falls back to around 740ish give or take. I don't have any interest in recommending the BGZ trade until we get back another overbought short-term reading.
Pete
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I ended up entering at mid $75 and exiting today over $81 as you suggested. Nice trade, I'm kind of surprised you exited so quickly vs. holding out for more downside over the next few days..but today's down swing was a large move so it does make sense.
ReplyDeleteGlad you had a good trade.
ReplyDeleteThe exit signal was very clear for this one from an indicator standpoint even though there may be more downside.
The entry was odd on this one because it was a "top picking" type of trade with several divergent indicator peaks relative to price.