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United Parcel Service (UPS) has been banging around, going nowhere, since July 27th. On my entire screen of quotes, it is the only red today at all. It hasn’t broken down from its range, but by God, it’s trying. If we can break $125, it opens the window up to a move through that entire white zone.
I’ve got $130 puts with an expiration way out into March 21st, to give this tons of time to work out.
Just about the only silver lining to the insane rally this week has been some “fish that got away” have come back for another opportunity. I was chagrined to not secure a position with General Motors, but this morning it bounced up to its gap, providing me another chance to get in. I have done so, acquiring $50 puts expiring January 17th.
If you want to see how silly this entire week has been, look no further than ARKK, Cathie Wood’s flagship fund. This fund, which has been made famous for being a total catastrophe, has batted 1,000 this week, climbing heartily all five days in a row.
When in Rome, right? Here are the five components of my Bull Pen, all of which are up today, thanks to the perpetual bid from our friends at the Fed.
The first four days of this week were the exact opposite of the four-day trading week that preceded it. If I may speak eloquently on the subject, this completely sucks for a swing trader like myself, because virtually all the good done last week was neutralized. It would be nice to get a down move that lasted more than, oh, let’s say, a couple of days.
I’ve plucked out some ETF charts below that illustrate something rather consistent: (a) a recent peak (b) last week’s drop (c) this week’s recovery (d) the present price position just underneath a small zone of overhead supply, which is what constitutes resistance. We start with global equities:
