This is one that I have decided to play based on the following thoughts :
I think there is a good chance that QQQ/SPY may have bottomed on Oct 13th
That being said , although LABUs and XBI's relative strength vs the market has only been ho hum , it still seems to have possibly bottomed on the 16th of June when the market indices where still putting in new lows .
Most days I pay attention to new highs and have observed there are a fair amount of bio tech stocks making new highs for quite some time too.
There are 3 noticeable nodes of resistance to the left on daily that we should really be above to allow an entry , but my strategy here is to buy a 50 sma TB signal with the hope that todays exceptional market rally will see follow-through and hopefully a continued move up in LABU which will get me closer to my de-risk area .That being said this is an idea that has stuck with me for quite some time and I am more than prepared to be stopped out repeatedly .
Lastly, just want to add that the net short levels of the German 40 , French 40, and Dow jones are currently 78%, 78% and 73% , and as we have gone up , overall the trend is to see net short levels go higher , I think that this really has potential to supercharge a bull rally. Logic being that if these net short traders/investors continue to loose on their bets , they will ultimately eventually have to cover and this could really create quite the bull move . Just my opinion but seems like just about everyone I know thinks this market is all doom and gloom here , and history tells us that when this happens it usually means the opposite .
I watch net short levels on Daily fx btw and personally track the short/long basis of the mentioned indices .
I think there is a good chance that QQQ/SPY may have bottomed on Oct 13th
That being said , although LABUs and XBI's relative strength vs the market has only been ho hum , it still seems to have possibly bottomed on the 16th of June when the market indices where still putting in new lows .
Most days I pay attention to new highs and have observed there are a fair amount of bio tech stocks making new highs for quite some time too.
There are 3 noticeable nodes of resistance to the left on daily that we should really be above to allow an entry , but my strategy here is to buy a 50 sma TB signal with the hope that todays exceptional market rally will see follow-through and hopefully a continued move up in LABU which will get me closer to my de-risk area .That being said this is an idea that has stuck with me for quite some time and I am more than prepared to be stopped out repeatedly .
Lastly, just want to add that the net short levels of the German 40 , French 40, and Dow jones are currently 78%, 78% and 73% , and as we have gone up , overall the trend is to see net short levels go higher , I think that this really has potential to supercharge a bull rally. Logic being that if these net short traders/investors continue to loose on their bets , they will ultimately eventually have to cover and this could really create quite the bull move . Just my opinion but seems like just about everyone I know thinks this market is all doom and gloom here , and history tells us that when this happens it usually means the opposite .
I watch net short levels on Daily fx btw and personally track the short/long basis of the mentioned indices .
Comment:
PT1 🎯stop⬆️
Trade closed: stop reached:
stopped out yesterday ..
艾力克~