Monday, February 13, 2017

Feb 13 - Closed GLD short, still short AMZN, added IWM and IBB short

Although I am looking for a big move down in GLD, the risk of equity sell off is making this a tough trade bc of the inverse correlation.  I closed it out for the second time at the open.  I am keeping an open mind that it might make another leg up.  I thought about re-adding at close but selling volume and pace was weak today.  I am looking for that fearful sell off and it hasn't happened yet.

Took IWM short at close for 1-3 day trade

 Took IBB short at close for 1 mo trade

GLD is being stubborn.  Not enough selling pressure and today's volume was a lot weaker than yesterday's buying volume.  What I use to measure selling pressure is the steepness of the decline.  It looks like the one couple weeks ago which was quickly bought up.  If we move up I might look at 119 to short again.
 Angle of decline isn't strong enough to stay short
 I got demolished on my AMZN puts but held them as resistance held.  This trade needs to start working within 1-2 days
 LVS looking ok but wary of the indexes being so overbought that a sell off would damage this position
 Pharma is looking like a great short now.

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May 15 - Closed out IWM puts for +120% and picked up DAL and HD Jun calls

I'm going to let the market do its thing this week and probably stay away from new positions until Friday unless something very good pop...