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Pressing For Upside
Using IWM at today's high on a closing basis for stopping out of short exposure. My exposure is pretty flat from a beta perspective although there are some parts of the market that seem like a good opportunity to press, especially in the commodity and fixed income space as we get into month end.
Here is the IWM chart. We can see that we are at trend down levels here and reacting so far this morning. Given how much SPY / QQQ rallied, I can't imagine those two falling in a swift fashion but because rates might start to come off a bit, this should be double trouble and the small-cap market might be the best short proxy to express equity risk.
Pressing CCJ today against the low and looking for the move back above 30 in the medium term. Today's anchored VWAP low looks like a good spot for continued strength. I'm not seeing anything from a DeMARK perspective that would warrant the trend is ending anytime soon.
I've also bought more Goldman Sachs puts today. This risk-reward is pretty obvious here with the trend lower and on balance volume trending lower as well. We failed to get above the anchored VWAP. One of the classic charts if you ask a 10-year old would you buy it, they would say no.
I picked up some CELH today for a quick swing long trade against this week's low. Looking for a swift move up to the 75 area which offers a nice risk-reward from current price levels.
NMR is a layup short here, looks like Goldman
ARKK broke out, so I have to try to get long on red days
I will do an updated DeMARK scan after close.