The stuff that has been in vogue went out of style today. QQQQs and commodities were down (and the dollar up), while the rest of the market was generally up a little bit. For me, today was typical of the last couple of weeks. I am working hard to make it 6 months in a row of profits (actually 8 but I am just talking about 2009). I was finally getting into the green for June only to have today put me back at the start line. I really have just been churning along since the beginning of the month. This is not surprising since the market has been moving sideways. Volatility has been getting crushed as well. I am aware of the need to modify position sizes (generally increasing them) and to recalibrate my portfolio accordingly but it is easier said than done. I’ll be adding some focus this weekend to potentially trading in sub 25 VIX environment verses trading in a 40-50-60 VIX environment (or 80 or 90). This is a totally different animal in terms of risk management and overall portfolio management.
SPY +.27%
DIA +.51%
IWM +.30%
QQQQ -.46%
UNG -.88%
DBB -2.20%
MOO -.91%
KOL -1.57%
Certainly not a disaster by any means but disappointing nonetheless.
I’ll be back over the weekend but I did want to throw up a few charts that looked decent which I jumped into today.
SAY as a long candidate:
After this thing blew up because of the founder being a fraud, it formed a nice cup and handle bottom and broke out with volume. RSI is also finding support at 60 which is a good spot to be at for an entry on a momentum stock.
FDS as a short candidate:
Nice breakdown of support at $52 today on this head and shoulders pattern.
