SOXX trade ideas
SoxxChip leaders LRCX and Nvda are starting to fail. Watch Soxx and see if it can complete a head and shoulders patter.
SOXX SMH semi's have room to fallSOXX SMH NVDA INTC AMD SOXS SOXL QQQ
Broke trend line twice with RSI nearly oversold. Now, there's plenty of room for selling to continue.
$SOXX - Mountain TopEntered my 1st pos short via $SOXS - One of the hottest sectors this year since the Feb 2016 lows.
SOXX: UPDATE on "Just another -Semiconductor-short trade Reached first support/demand zone, after kissed good buy the lower boundary of the wedge. Q's also at support/demand zone
SOXX: Just another semiconductors - short - tradeSemiconductor's aligned performance with major indexes is well known and well advertised.
Many felt disappointed and lost money - myself included - when they broke year's old resistance.
With an empty chart - that always help - found the following:
-Doji at the upper boundary of a bearish wedge
-127 fib resistance
-Monthly old money flow divergence, as well as with QQQ's (using them as a Nasdaq proxy){I knew that when shorted at the dotted line the previous time}
Not a revenge trade. I cooked lunch, dinner and the weeklies for the dog before I hit the short button. Watered the flowers too.
Can such a small doji, break such a huge bull? You never know and I don't really care. Even one downtick or a fraction of a penny can break empires at the right time, the right moment. As long as a good R/R exist, I sleep ok.
Just another trade.
Cheers
P.
Semiconductor (SOXX) vs. Emerging Markets ( EEM)Interesting pair here. Although the ETFs are tracking different sectors, the correlation between the two in the past 100 days is good ( 70 % + ), but more importantly , the co -integration is high @ 86 %. This is the 3rd trade this year for this pair. So far, all trades have been successful.
CORRELATION : 70%
COINTEGRATION : 0.86
LONG SOXX (GREEN) @ 50.02
SHORT EEM (RED) @ 41.40
