The latest Atlanta Fed reading says it might be a great call:
I have had a rough month trading as the market chopped from bull to bear, but I think the tradable low is really taking form now. I'm almost totally long except for some doom puts on utilities (XLU). I still have XLC on, short oil, long TLT and looking to go long biotech again in size. I went long NQ with a call overnight, sold out in the morning and got back in near the low of the day.I don't know if the low is in yet, and if I'm wrong, the low could be 10- to 20 percent lower from here. Yet, I'm a skittish bull here.
That said, let's go to the charts.
It has been a brutal couple of days in the market, but IBB has held its 50-day MA.
XLC still holding for a potential bullish squeeze. TLT looking good here, but not out of the woods yet. Here's USO, the crude oil ETF. It is at support. XLU has a very bullish candle. Dumping that position as I type.
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