One of those rare days when I sleep in. To me sleeping in is waking up a 5 AM:)
The markets are continuing lower this morning but there is a large divergence in breath right now. Whether Breath catches up with the indexs or vice versa remains to be seen.
My guess is that this is creating a nice buying opportunity very soon.
My GEO trade just keeps moving higher. Trading at 41.35 abpit 15% higher than when I got in about a month ago. One of my longer swing trades.
Also GLD is up 1.44% about 9.5% higher than when I entered the trade over 1 month ago.
These two trades show the importance of staying with winning trades. Let your gains run while cutting loses short should be something every trader strives for.
I entered a starbuck short yesterday and have a nice gain. I bought puts to take the trade as I have found that usually is much easier than outright shorting the stock. With starbucks I doubt shorting would of been a problem but with many issues it is hit or miss.
Starbucks is off 1.02% this morning. I how far down it will go remains to be seen. However when CEOs start becoming social warriors at the expense of their company, look out below. I suspect this has the potential to snowball into a big profit trade depending on how quickly the boycott of starbuck gets going.
Its now like they are selling an unique product. It is the name and they have tarnished their name with at least 1/2 of the population.
I am going to cut this short this morning as I have quite a few things to do to get caught up with.
My goal is to start mean reversion trades shortly and in addition to take swings as they develop today and until we get over bought again.
If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. Typically I talk about the overall day expected with the markets and also give some levels on the ES and NQ for failed breakout scalping.
It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)
Good Luck Today
RickJ’s Handicapping Picks