Sunday, July 30, 2017

July 30 - Long URA, DDD, DAL, NTES, MOMO, GBT, CMCM and short GLD

Entered a handful of longs with the proceeds from XME, X, FCX longs.  Friday might have been a decent day to reenter long but I am holding off as there might be more downside.

I am extremely bullish URA, DDD, DAL for next few weeks.

I am also highly leaning towards a market correction of 3-5% in the next 2 mo.  Feel like the probability is 80%+.  A lot of complacency right now with put/call ratios staying in very low ranges.

My goal is to raise cash the next few weeks and hopefully avoid the downturn.

Biggest position is URA long.  It looks almost too good to be true

GLD short and as usual I am very uneasy.  Have been a few days early on a few of these trades.
My proxy GDX looks like it is at resistance.  If GDX breaks up, I will fold this trade.
 GDX right there and will break up or down soon.
 This is a big reason why I like the GLD short.  USD is due to bounce this week.

Big position in DDD now and earnings is Tues.
 Picked up an array of DAL calls and expecting a 2-3 bounce in next few weeks.
mid sized position in NTES, also will be affected by earnings.  Aug 9.
 much smaller position in GBT, earnings Aug 9

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

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