Wrap-Up

Ok, so I had a video for this particular post that I had done, and for some reason, when I went to go save the video I had just recorded, it did not save it and now I am a bit pressed for time as I’d like to go home and eat dinner with my family – So I’m going to be pretty quick with this one.

If you followed the markets closely today, you saw that we got whipped around quite a a bit, with a minor-late day rally occurring there in the last hour. When that happened (and you saw it coming based on the obvious cup & handle pattern that formed on the intraday charts), I re-entered into a position on the Nasdaq QQQQ to hedge my position overnight, as I am still unsure how high this market could go in the near term.

I picked up one new position today – Nu Skin (NUS) at $26.19 with a stop at $27.59. My price target is at $23.48. You can read more about this trade by clicking here.

As for damage on the index charts, in particular, the S&P – there was none,  and though the bulls managed to regain the neckline (i.e. break through resistance), it nonetheless, still needs to break through the 1130’s for me to become a concerned bear. Until then, I will keep using strength in the markets to add to my short positions that I already have, and until the market shows its hand a little bit more as for when it wants to resume the downward trend, I will continue to hedge my portfolio to avoid taking any losses in the mean-time.

Hope you all have a great evening!