Short FXI along with SPY for a correction (Week of Sept 25)
FXI had a strong week bounced off weekly cloud. The bounce is much due to USDHKD weakness as PBOC stepped in to intervene the weakening HKD. However, that costs foreign reserve and its not sustainable. With my idea of short SPY the next week. The bounce should fade away.
Weekly we can see a wide green bar but with volume lower than last week. This is either short covering or bears waiting to short at higher level. I suspect it will go down along with the falling widened wedge to test green cloud support. After that, just like SPY, a strong buying opportunity all the way to the top, where the peak will be set.
China and U.S trade news just came out this weekend. Suppose buy rumor sell the news. The rumor previously was bought and my thought is the news will be sold.
I linked to my previous short FXI idea. It is still in play, although a decent bounce.
Weekly we can see a wide green bar but with volume lower than last week. This is either short covering or bears waiting to short at higher level. I suspect it will go down along with the falling widened wedge to test green cloud support. After that, just like SPY, a strong buying opportunity all the way to the top, where the peak will be set.
China and U.S trade news just came out this weekend. Suppose buy rumor sell the news. The rumor previously was bought and my thought is the news will be sold.
I linked to my previous short FXI idea. It is still in play, although a decent bounce.
Trade closed manually:
Sold $YANG with 6% gain from last friday. FXI tracks spx, so I suspect it is going to go up.
Trade active:
Reopened, we are crashing
