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Technical Analysis: I Love You! (If you haven't fallen in love yet, you should buy my book about the topic.) I am just printing money these days, and it's all thanks to ProphetCharts. I am getting incredible exit points! Here are just a couple of examples.
I am getting more and more nervous about disaster striking. Things simply cannot go this perfectly for this long. But, as always, I am updating my stops and keeping my position size sensible. I am heavily positioned for a bounce at this point, especially in the world of energy.
I've made a ton of profits on going short energy and gold. I have closed out these shorts and am reversing my position. OIH looks particularly compelling for a bullish play.
OK, I sold my SPX puts this morning at a profit (obviously) and my QLD at a loss (obviously); although the gain outweighed the loss. The huge winners for me today, of course, are my energy and gold shorts.
It's painful to lok at the index puts I sold a month ago. They're up several hundred percent at this point. Ouch! Oh, well. If any of us could see even one week ahead with certainty, we'd soon be richer the Buffett and Gates.
I am carefully examining my puts/shorts and, although I am closing out virtually none of them, I am tightening up stops quite a bit. I have also gone long a variety of issues. I intend to reverse these positions later after I ride the (hoped-for) push upward. Here they are, along with their stop prices.
But, I don't want to push my chips forward and go out and meet
something I don't understand. A man would have to put his soul at
hazard. He'd have to say, "O.K., I'll be part of this world."
As you may recall, my planned strategy for this month was pretty straightforward.
Close out short/put positions that seemed to have fulfilled their potential, and tighten up stops on all the rest;
Go aggressively long issues that I felt would ultimately retrace to excellent shorting levels;
Once those levels were reached, reverse the positions and wind up making profit in both directions.
All that sounds marvelous, but the action in last night's market's has my confidence rattled. The Senate overwhelmingly passed the bill, and the markets fell. There's been a lot of commentary on this in last night's post, but I'm still surprised. I mean, if the House passes the bill, will the market fall even further? (And I think we all are pretty sure what will happen if the House rejects the bill again………….or are we?)
Setting all that aside, let us at least respect the sound judgment of our Senate. Out of a population of 300 million souls, these are the 100 wisest and most intelligent among us. Many commentators (including everyone's favorite, Jim Cramer) have said that there are times when the will of the people must be ignored, since the people don't really know what is best. Flexible democracy, if you will. Judging from what I've seen in the Senate, I'll trust my fate to them after all.
