Long The Travelers (TRV)
Slope of Hope Blog Posts
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Are the equity indices topping out here or not? I think yes, though likely just for a retracement before higher highs. SPX is retesting good trendline resistance, is on a strong daily RSI 5 / NYMO sell signal, and a daily RSI 14 sell signal is now brewing as well. Another retest of the all time high would establish possible nested double tops. Maybe. SPX daily chart:
By far my favorite options position is consumer staples, symbol XLP. Yesterday, as I mentioned on my show, I took profits on 30% of the position, because I felt it was about time for it to retrace back to its neckline. Sure enough, that’s what it’s doing, and I’m glad to be a little lighter. I want to be clear, however, I intend to get back in full-force……..maybe even bigger than before………once we get back to that zone of resistance. This is a honey of a pattern.
This post has nothing actionable. There’s nothing you can do about it. Or me, for that matter. It’s just me bitching. But maybe there’s a lesson in here.
One of my short positions was (note the past tense) Macerich, symbol MAC. I was puzzled this morning to see I was stopped out, because on my spreadsheet, it showed a nice, healthy profit. But I had a sneaking suspicion what I was going to find out. And, sure enough, here’s the intraday chart: