One last thought about bitcoin

Okay, I want to go this whole week without mentioning bitcoin, crap I just mentioned it and even titled this post after it, so lets go ahead and throw that idea out the window, because it was over before it ever got started.

There’s a good chance that the bitcoin sees an easy decline of 25%. Of course there is that other succinct possibility that it continues to rise. And if it does, fine. The problem here is uncontrollable risk. You can’t control it at this point. 

That’s right, the risk in bitcoin is UNCONTROLLABLE! 

So don’t think that you can get in and get out and make a quick profit, because you stand a very strong chance at a quick and even bigger loss. 

Holy cow, I don’t know why I keep talking about this temporary phenomenon, that at some point, you’ll see the Fed step in for whatever reason and halt the trading on it and create panic among everybody involved. Alright, let’s move on! 

So let’s get back to equities and what we are looking at there. 

S&P 500 is riding into today with a 7-day winning streak along with the Nasdaq. Dow snapped the insanity on Friday, and the Russell looks like crap, per the usual. If I am looking ot get short on one of the indices here, it is going to be the Russell. The index, via IWM, is running right into resistance despite the 6-day rally that it had been on. If the markets fail here, I expect the Russell to lead the way. 

Despite the 7-day winning streak in SPX and Nasdaq, the T2108, which measures the percentage of stocks trading above their 40-day moving average, has improved very little. We are trading at all time highs in all the main indices minus the Russell, and yet only 47% of stocks are showing similar strength. That means a majority of stocks are trading below the 40-day moving average, and that to me, doesn’t bode well for this market. 

The elevator down mentality is a major concern for this market. All the legitimate sell-offs we have seen this year, happened in one-day dramatic fashions. There wasn’t a sell-off over a course of a few days, instead it was “up, up, up, up, WAYYYY DOWN!, up, up, up”. 

You get the point?

You need to be moving up those stops consistently, because there isn’t a lot of warning signs when the big sell-offs take place. 

S&P 500 Chart

Current Stock Trading Portfolio Balance: 

• 4 Long Positions

Recent Stock Trade Notables:

• SPXU: Long at 16.60, closed at 16.98 for a 2.3% profit.
• JP Morgan Chase (JPM): Long at 87.84, closed at 85.98 for a 2.1% loss.
• Micron Technology (MU): Long at $29.00, closed at 28.04 for a 3.3% loss.
• Alibaba Group (BABA): Long at $116.25, closed at $124.09 for a 6.7% profit. 
• Southwest Airlines (LUV): Long at $58.35, closed at 57.23 for a 1.9% loss.  
• Broadcom (AVGO): Long at $223.63, closed at $228.65 for a 2.2% profit. 
• Workday (WDAY): Long at 86.00, closed at 90.32 for a 5% profit. 
• Univar (UNVR): Long at $30.96, closed at $32.20 for a 4% profit.
• Alibaba Group (BABA): Long at $111.91, closed at $115.48 for a 3.2% profit. 
• Redhat (RHT): Long at $85.21, closed at $87.21 foor a 2.4% profit. 
• Darling Ingredients (DAR): Long at $15.19, closed at $14.90 for a 1.9% loss. 
• Apple (AAPL): Long at $143.82, closed at $147.11 for a 2.3% profit.
• Teradyne (TER): Long at $31.16, closed at $33.03 for a 6.0% profit.
• UPRO: Long at $92.75, closed at $94.78 for a 2.2% profit. 
• Murphy Oil (MUR): Long at $28.69, closed at $27.89 for a 2.7% loss.
• Las Vegas Sands (LVS): Long at $57.24, closed at $56.53 for a 1.2% loss.  
• UPRO: Long at $91.94, closed at $96.54 for a 5.0% profit.
• Alibaba Group (BABA): Long at $105.736, closed at $108.22 for a 2.4% profit. 
• Facebook (FB): Long at $134.27, Closed at $139.23 for a 3.7% profit. 
• CDW Corp (CDW): Long at $58.65, closed at $58.91 for a 2.7% loss. 
• Redhat (RHT): Long at $82.41, Closed at $83.53 for a 1.4% profit. 
• Ambarella (AMBA): Long at $57.15, Closed at $55.52 for a 2.8% loss. 
• Alibaba Group (BABA): Long at $104.73, closed at $106.05 for a 1.3% profit. 
• Broadcom (AVGO): Long at $218.63, Closed at $222.71 for a 1.9% profit. 
• American Airlines (AAL): Short at $44.76, Closed at $44.03 for a 1.6% profit.
• UPRO  (Day-Tade): Long at $95.35, closed at $96.50 for a 1.2% profit.
• OZRK: Long at $56.12, closed at $54.69 for a 2.5% loss. 
• FNSR: Long at $34.25, closed at $34.70 for a 1.3% profit. 
• UPRO  (Day-Tade): Long at $96.92, closed at $98.03 for a 1.2% profit. 
• JP Morgan Chase (JPM): Long at $87.21, closed at $89.67 for a 2.8% profit. 
• Chevron (CVX): Short at $110.03, covered at $111.85 for a 1.6% loss. 
• Flex Technologies (FLEX): Long at $15.62, closed at $16.57 for a 6.1% profit. 
• Baidu (BIDU): Long at $174.70, closed at $187.00 for a 7.0% profit. 
• Ollie’s Bargain Outlet: Long at 33.20, closed at $32.50 for a 2.1% loss. 
• Corning (GLW): Long at $26.98, closed at $27.45 for a 1.7% profit. 
• Illinois Tool Works (ITW): Long at $127.74, closed at $129.86 for a 1.7% profit. 
• Marriott Int’l (MAR): Long at $86.16, closed at $87.51 for a 1.6% profit.