As is noted in the chart above, I’ve got a stop-loss right below the right shoulder. My primary reason for jumping in this one was due to the fact that there was an inverse head and shoulders pattern forming on the S&P and QQQQ. Since I already had a short position in SPY, I went with QQQQ, which is also a little bit more volatile in nature, and was leading the way among the indices in general. With this position, I am about 22% Net-Long, without it, I am 34% Short – so it is a big position for me. Because we have had two late-day rallies the past two days, I will keep a portion of this position over the holiday weekend to give me a neutral standing in my portfolio.
Hope you all have a great 4th of July!!!