SPXU Stopped Out

The SPXU trade was stopped out today at 37.36 down from 39.25.

I don't have any charts to post right now, but there are some very important ones to look at. I would like to get a video up but really don't know if I will. If not, then I'll post or recap some notables.

It would have been justifiable to re-enter a bearish trade prior to close today, but I held off. There was a classic reversal candlestick (shooting star/doji) in SPY today. It also filled the open gap down off the recent high. However there was a large gap up at the open today, and so there was not really a major breadth reversal in the market as all indexes closed with basically solid gains despite being well off the highs.

With the holiday week which tends to be lighter volume and more bullish than normal, I will just wait to see if there is any downside follow through to today's reversal. Basically if the market moves below last week's low, then I will suggest returning to an inverse ETF trade. That will make the stop wider and thus a smaller position size, but will decrease the likelihood of being stopped out and increase the likelihood that there will be further retracement of the recent advance.