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Below are five exchange traded funds which, unlike those I’m including in my “Hercules” post this weekend, seem to be at the cusp of resuming their downtrends, now that the “Jensen Huang says things are good” mega-rally is over. We have the emerging markets:
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:
Today, the 9th of September 2024, went precisely as I hoped, which is to say the market was up across the board. By lightening up on Friday, I avoided taking as much heat on my shorts, and by waiting for a big bounce, I was able to re-enter more shorts at better prices.
One good example is EFA, against which I owned November puts that I sold at a good profit on Friday. I re-entered this position today by way of January 2024 $82 puts, and ideally prices will not push above the dashed red line I’ve drawn.
Since this is the first weekend in a while I’ve felt absolutely terrific about the world of trading, I want to celebrate the call I made two Fridays ago, when I insanely suggested buying the triple-bearish-leveraged instrument SOXS. Truth to tell, one could have waited an entire week to get the exact same entry price, because the meat of the move was just on Tuesday and Friday, but all the same, it went up about 50% swiftly without ever having to take any heat during the holding period.
In the midst of that son of a bitch bastard traitor Powell on Friday the 23rd, I was the only person on the entire planet insane enough to suggest, of all things, buying a TRIPLE BEARISH ETF on semiconductors, SOXS. Here’s the proof. And below is what happened next. Not a single buyer would have even seen one penny of loss. Amazing.
