Your choices of what to trade in a market trending up ( and some commodities trending up ) are a little peculiar at times but somewhat ok imo on a typical Friday. There were at least as many quality long opportunities as short ones so just picking short ones seems a little limited. And anything you are carrying short into Monday is asking for trouble imo. The best moves were Oil/Silver up and Copper down so I adjusted my positions very early in the day. I took some minor losses on three new mining positions bought near the top but overall had a good day which is always a bonus on a Friday. Energy stocks were badly lagging the underlying commodity all day suggesting profit taking and then some limited late buying. Usually that's good going into a Monday. The areas that are impossible to predict now are Copper miners and Gold/Silver miners. All have made moderate but nice moves up in recent weeks. Copper hit a bit of a wall late week and Gold/Silver pulled back yet again just when they looked really, really good. I have done really well recently on some smaller, riskier miners that I carried through a big drop. That's allowed me to recover some lost ground that was diluting some tremendous gains I had in energy. So October has been huge for me as a result. I sold some of them at close to weekly tops and basically have only one "legacy" position I held throughout. I do sense some weakness in IT but I would hesitate betting against seasonal strength in IT and banking in November/December. Smaller high flyers could be bad holds now ( eg Snap corrected 25% ). I remain out of IT because I don't trust it in either direction. Someone I advise has hand picked a few positions that have done really, really well.
Very well put. It would be interesting to see if Ken could trade with the prevailing trend once in a while! Ken -- we still love you but some of us like @Nine_Ender and myself know your tendencies too well!
surprisingly strong gap up uvxy here at 6:28amET, vix spike = bearish inside gap- SPY, moderately bearish but no big deal unless gets under 454
Ken seems to have called the end of the "Correction" with his 'Bulls are Fked' pronouncement. Some comedy you just can't write as good.