nnavarrete
Long

SPX - Long - Positional trade - 3 months target

AMEX:SPXL   DIREXION DAILY S&P 500 BULL 3X SHARES
Opened 500 SPXL             @ 92.98 . SL 84.00

Possible Drop to 88, will average down then if we drop...

Remember, this is not to day trade, big money, not quick money.
Comment:
snapshot


200 EMA is holdig up well (4H SPX chart)... volatiliy has come back to the markets and it gives us alot of opportunity to profit both sides. As stated above,this is a long trade and the target to close this trade is 3 months... (after elections and before the usual Christmas break sell off. I am thinking about adding more at this point since this level seems to be hlding, but I will wait a couple more days... with oil correcting down temporarily, there is a big chance that the SPX will drop a bit more.

There is 5 Business days until the 21st (FOMC)... miners will help us rise the spx once they announce " NOT RATE HIKE".

With the DXY (US Dollar index) starting a bear market, there is a lot of possible upside on both the Oil and Precious metals.

Biotech seems to be doing well today... we are on track.

Don't lose patience.
Comment: Opened 1500 UVXY @ 23.25 to hedge the SPX position
Nice work sir!
Reply
nnavarrete smitheric1970
Thank you

Reply
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