Slope of Hope Blog Posts
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Well, one of the weirdest sessions in recent memory has brought November to a close.
My best buddy today? TLT. By far my heaviest concentration of shorts is in the interest-sensitive instruments such as BAB and LQD (the latter of which I amped up today). I day-traded TLT with excellent results.
My worst enemy? Oh, that's easy – FXE. My profit for the day would have been 50% higher were it not for my hedge (ha!) of being long FXE. The Euro seems to be heading for the same toilet paper status as we all assumed the US dollar was not long ago.
The last couple of days were really diluted badly by so-called hedges. I currently am unhedged (and maybe a little unhinged).
I'm going to get some distance from computers 'n' charts for a bit and will do a post later.
ES and EUR Have Drifted Far Apart……..
Possible Bounce for Emerging Markets
Lately, it's my hedges – – ironically – – that have been harming me. Yesterday morning it was an UUP and TLT short. This morning, it was an FXE and SPY long. Yuck.
In spite of this, I'd like to seek out items that can act as a salve for my shorts during up-moves. GDX seems like a good choice right now. Precious metals are acting amazingly, even in the face of a Euro meltdown. More importantly to me, the chart for GDX has been very constructive lately, particularly when one considers the massive, massive accumulation over the past year and the very clean, yet modest, retracement over the past month.