Did you short oil like me? If so, here’s where to lock in gains
THE DJIA
Monday, Monday, Can’t trust that day! These lyrics from a 60’s band
called The Mamas and The Papas started bouncing around my head this morning when
I saw the futures up nicely. On Friday, the stop level of 10453 was hit
but not violated by the systems 3 minute parameter, therefore I am short
entering the open today. As a note of interest to the technical traders, Friday
was practically a “Doji” day in Candle parlance. As you know,
the candle traders see “Doji’s” as an indication of a change of trend
and that there is indecision. If this can be quantified and relied upon is
the question? I will, however, follow the system to the letter and exit
immediately should 10453 be violated in the cash index. Short/profitable
OIL
Oh yeahhhh! Oil is continuing in my projected sell off toward the major
support level of 62. Anyone late to the trend game of buying new highs is
getting slammed so far. Rita has fizzled so far regarding projected damage
to the oil infrastructure, supplies may be flooding the market shortly and all
is looking up for a trip to the 62 level soon. We will see!
Short/profitable
US DOLLAR
The dollar is continuing to strengthen against the Euro causing the EUR/USD
pair to continue its decline. The studies are indicating1.2018,Â
1.1999 and 1.1947 as support levels. We will see.Â
Short/profitable
EQUITES
(
DAL |
Quote |
Chart |
News |
PowerRating) Man, I still like this one. Awaiting 1.03 to break before
buying in. Flat/long bias
(
ALL |
Quote |
Chart |
News |
PowerRating) Keeping this warhorse on the list a little longer. Our
shorts were profitable, then smashed out on a buying frenzy. Awaiting 51.97 to
break on the downside before shorting again. Flat/short bias
(
GOOG |
Quote |
Chart |
News |
PowerRating) Wow! Is all I can say about this one. Up another 4 points
or so in the pre-market. Still awaiting trigger to enter short. I
have received several emails asking why I just don’t go long here since the
supposed trend is so strong. I feel the downside potential is much greater
and simply prefer to wait this out for the inevitable slide. Patience is key
here. I am in no hurry, and will happily wait for the short trigger.
Flat/short bias
(
IBIS |
Quote |
Chart |
News |
PowerRating) Ah, my little chip maker showed a bit of strength on
Friday. The go long figure remains at 2.03..Â
Flat/long bias
(
SIRI |
Quote |
Chart |
News |
PowerRating) I just installed SIRIUS
satellite radio in my car. What a great
entertainment value! The stock appears to be coming off of recent lows
here. I will be a buyer at 6.90. Flat/long bias
Best wishes in the market!
Dave G
David S. Goodboy (marketsurfer) has been
trading professionally for over 14 years. Mr. Goodboy trades ETF’s, stocks,
index futures, energy futures and options. His primary focus is a unique
multi-time frame index trading system based on a combination of time/price
cyclical studies and statistical models. David was a trader/partner with
Biltmore Capital, traded with an option arbitrage firm, and is currently in the
launch stages of IntrendX, a global multi-strategy fund.