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End Of Week Status

Attached below is my trade summary since the $3K-$100K challenge began.  While this week’s $4000 setback isn’t fun, I am still up big over the past 4 months.  I maintain my bullish bias, which is contrary to almost everyone I know so we will see what the week ahead brings as far as trading goes.  Have a great weekend!

 

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Trade Thoughts

With most of the Asian markets closed last night, the market is rather sluggish this morning.  Even though the market is only slightly lower, over 70% of the SPX stocks are in the red.  This drop is putting many more stocks below their 7 day moving averages which increases the risk for the bulls. 

For a bullish entry, I want to see something like BAC close above its 7 dma and I would be tempted with some bearish puts on the market if stocks like BAC and GS weaken into the close.  For now, I will let the morning trade play out since strong entry signals are rather sparse. 

Standing Pat

I am holding all 3 positions over the weekend.  All 3 positions are working and remain in highly bullish trends.  The market remains overbought as news sentiment is riddled by the bears.  I still contend the contrarian position in the market is higher at least for another little while.  Until more stocks break below their 7 dmas I cannot get too excited about selling my positions or taking a bearish market stance.  There were some nice bearish setups earlier this week that just got blasted as shorts continue to scramble and cover.  I will send out a separate post with an account update, but it looks like I should end the week around $32,000.  (many thanks to TSO)

 

GS Exit

I took off my GS trade.  Took off the 10 contracts at 9.10 for a $5700 gain.  This brings the account value towards the $12000 level.  My exit is nothing more than profit taking.  I believe GS continues higher, but I would be a shame to give up the profit.  I will look for another entry with options with more leverage going forward.

Holding LVS and DIS

I am holding onto LVS and DIS.  DIS is still holding parameters.  LVS is more of a gut feel.  It went up today due to news out of MGM an I expect the technical reversal from last week to still hold.   I expect the the market to be rather eventful tomorrow.

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