wow nice gap up on xbi, took my profits in labu today, it probably has more room to run, but im not sitting on 35% profits and not taking it, no sir lol.
Had a nice little scalp in the overnight. Went short at around 2273.75 and closed it this morning at just over 4 points gain. Going to try and get long at around 2266. I may have already missed that boat. If it works, my stop will be under today's lows.
Was thinking of buying MACK on Friday. If I had, I would have cashed out pre-market when it was +30%. Lol I'm the master of taking 30% profit pre-market. Turns out that would have been a good move. I was shorting AMAG last week and got some good news today. Not sure why this is going down so much when it is acquiring a company. Will close EOD, this seems to close near lows on those big red days. This seems to be a developing trend though: biotech companies that operate by buying new drugs do not fare well (VRX, AMAG). Even GILD falls under that banner: they acquired Sovaldi/Harvoni from Pharmasset, and look at their P/E today. The money in biotechs is in developing/testing drugs. And that kinda seems reasonable, that is where the risk is.
I decided to risk my profit from today. Bought another /ES long future at 2265 with a stop below today's low. So, if we make new lows today I'll lose half or more of my earlier profit.
AAPL hit 52 week highs during the day After being such a dog for a pretty long period of time, maybe it will outperform the market this year
My long future isn't looking so hot right now. Ugh. Was up a couple of points earlier. Should have taken quick profits.
Yup -- downer -- and 1355 held...but a crack in that former RTL. Will tomorrow be the day the RUT makes up it's mind? Ended the day pretty much hovering over that key 1355. Below chart is looking at the 5-day on a 10-min scale. Couple interesting things: 1) RTLs are increasingly steep, slightly I'll admit, but increasingly steep / bearish; 2) TPO Profile is showing increasing opportunity towards the floor, which when viewed at longer time frames is where the POC is as well. I'l admit, I'm new to TPO Profiles, so I welcome others interpretation as I figure out my own! So I think we'll see confirmation tomorrow with another down day through that RTL. If the Bulls find some strength, I see limited upside -- around 1370. Looking back at the daily chart posted above, if that is a Bull Flag forming, it's only go a couple more days until it gets squeezed out!
I probably won't be watching when the Trump press conference is going on tomorrow, but it will be interesting to see whether it will be market moving
Ha! I was just coming on here to post that very thing as well. I'm here updating today's daily challenge and noticed the goose eggs for the SPX. Not sure if I can remember the last time that happened.
