Not the greatest week for the bears by any stretch of the imagination. I am however, thankful that the week was only four days long. Transaction-wise it was my busiest week of the year. I was stopped out of two positions, while initiating four others. The positions I was stopped out of were Hilltop (HTH) and Silgan (SLGN), while my position in Gap (GPS) remains and then three additional shorts in JPMorgan Chase (JPM), Cisco (CSCO) and Allergan (AGN). Be sure to look at my most recent posts to find my trade setups and rationale for each of these stocks. My one long is really another short, with S&P UltraShort ETF (SDS). I won’t be looking to add any further positions come Monday, unless we see a major breakdown in the indices, I will, however, continue to look for setups and provide them to you as I find them, just like always.
On the week the Dow was up 3%, the Nasdaq was up 2.76%, and the S&P was up 3.13%. On the year these indices are down 0.25%, 1.11%, and .53% respectively. On the year I am down 1.53%. Is this anything that I am concerned about? Not yet. I’m trading within my system and its parameters, and will stand to profit many, many percentage points, if this market takes a dump, like I still believe it will.
As for next week, I will be providing you with a chart breakdown of all the positions in my portfolio as well as 3 or four stocks screens, my daily morning trade setups, market analysis and updates on my watch-lists which will include their rankings and subsequent stop-losses. WOW! Seems like I got a busy week ahead of me.
Hope you’re enjoying the weekend.