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nice trade. Do you think ES can go much higher from here? Long term channel resistance on Dow Jones I just saw on another chart at 16k has been hit. I think this might have been a sucker rally to squash new bears who didn't close out as you did, and get some people to just say the heck with it I'm buying spy right before a big decline perhaps.
ReplyDeleteGetting ready to scoop up some metals soon. Improve cost basis and always is prudent to trade in intrinsically worthless fiat for real money.
If this runs up to 1825 or so on ES, I will look to close out my SPXU with a tough loss no doubt, but then probably buy a 1x inverse SP500 ETF and literally sit on it until it either goes against me to ES 2200 or hits my tgt of 1640 ES and 2nd target eventually in mid 1500s ES. SPXU has leverage decay and I can't say obviously with any certainty ES won't go to 2000s on a parabolic end to this rally. Thus I have to get out of SPXU soon as it is 3x inverse and just a bad trade at this point.
ReplyDeleteThoughts?
I'll be out of SPXU if it hits ES 1825 for sure probably sooner. I like the short scalping gameplan at least up here even if not making a call on THE top.
ReplyDeleteI know, I almost pulled the trigger on some metals, but still think Gold and Silver are in downtrends, they are respecting the downtrending Bernoulli lines more than the up trends. Palladium is in an uptrend, but it won't be of much value in a real SHTF scenario as it is not a "monetary metal"
ReplyDeleteagree on palladium. I like the industrial/catalytic converter component of it, but it's not a monetary metal. Still a solid asset, but even the car thing, all that is subprime teaser loans and there will be a credit crunch so that phony 'demand' for cars will go away.
ReplyDeleteSP500 is one stubborn mule. Still have great conviction it at least retraces to 1550s soon enough. If I had the wherewithal I'd consider buying a call way above here as a hedge for my short position. some are calling for 2200 on the ES but it is struggling to even get into the 1800s.