EWZ pattern looks similar to the last top. EWZ tends to trade with gold (though Brazil isn't even that big of a producer.) Looks toppy, just like gold. Will look at this Monday.
EWZ options have small spread and good liquidity.
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Not liking the currency trade on this one. iBov might be topped out but BRL seems to be getting stronger as well. Could just waffle around up here for a while.
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Not sure I like the currency trade but iBov looks toppy. Decided to go with a small out of money put position. When Brazil tanks, it tanks hard anyways, so the safest play here is probably out of money weekly on an all or nothing trade.
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Pretty sure we get a gap fill here. Now you guys know why I love playing with this ETF.
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Seems kinda greedy but I'm staying in this for another day or two because I think gold is gonna tank and Brazil tracks gold pretty well (don't know why though).
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Ultimate target is $41, but I might cash out tomorrow since I'm holding weekly. Typically this will gap down after a day like today because the Brazilian market opens before the US and currency trades 24 hours.
$42.5 target to get rid of the Fed rate cut pump, which the US market already has....
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Flipped the puts when it got close to the gap fill.
I had weeklys so didn't have a choice, may roll the profits into next weeks puts after I see what it's doing.
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Rolled into next week puts, as iBov seems to want to close the gap from this morning. I don't see any money going into any market aside from some short covering.
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Note: EWZ usually trades in the same direction as gold, I flipped my EWZ and GLD puts this morning, just rolling into EWZ puts with profits. I think GLD and EWZ have another leg down to support, but it may not happen until next week.
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There may be one more leg, but I'm not really sure. Out here because the Chinese are pumping futures.
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Nice gain flipping puts here, for some weird reason EWZ trends with gold. Looks like there may be a new ATH coming up for another short opportunity.
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Wish I had gone long when I sotted the reversal. Oh well.