Well, I can't say I'm surprised at the sell-off, though I am surprised by the magnitude of these moves when they do happen. What's funny (well, actually NOT funny) is that I was shorting the market aggressively on Tuesday and Wednesday but getting stopped out each time. Then I didn't short it today - figures.
Anyway, I'll be watching for a tradable bottom, but that probably won't come right away...so patience is my mantra now.
I'll plan on posting some ideas on the weekend for Monday, but may reconsider after watching what happens tomorrow.
Until then, good luck at whatever you trade.
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2 comments:
Hey John, here's a question and maybe some comments too...
Everybody has their own trading styles. My shorting this week has worked splendidly - I've been shorting the airlines, and the market downturn was just an added bonus.
What's your vehicle for shorting the market? QQQQ's or QLD's, etc? Or individual stocks with charts you like?
I had MGPI on my watchlist yesterday. I'll probably leave it there on the theory that stocks which held up well yesterday may be more vulnerable - assuming the market continues down this morning.
thanks,
john h.
Hi John,
If going long or short the market I use the Q's and/or SPY; on occastion I'll trade the ES futures contract. QLD, etc in my IRA account. Individual stocks often provide a more obvious setup for a move when the market is weak but not breaking down, so I do watch for individual stocks to short as well. I'm sure you saw MGPI on my list the other day. In general I don't watch short ideas too close unless the market is feeling very weak.
Nice job on your short trades, you chose a good time to be short!
Good luck.
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