The majors took a pause this week. They all booked an inside week. SPX had its first losing week after four positive weeks. RUT is the weakest one but had a small gain this week. The jobless claims were 4.4 million, less than last week's 5+ million. The bad news is good news now. I guess there are some charities now. Earnings continue to be bad. Many companies won't provide guidance for the rest of the year. The next 2 quarters could be worse for businesses. The majors refuse to go down imply the upside may not be over yet. MACDs are turning lower but RSIs are around 50s, not showing overbought conditions.
My net liq is at 88K. The leverage is still around 7. I couldn't do much of trading this week since the net liq is below the limit. The amount of the fund I spent to roll and hedge make it hard to recover. I listed the reasons in my review last week.
I started to trade leveraged ETFs this week. I bought some bearish index and VIX ETFs on Wednesday when the majors were fulling back 2-3%. I thought it was the start of the downturn after 3 weeks of bounce. I was wrong again. I will take my stops next week once my limits are reached. I need to work through this weakest link in my trading.
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