Fed minutes are restating what Fed has articulated since May 22nd Q&A......but TAPE was reacting as IF something new has been mentioned.
S&P 500 @ 1651.83, low 1639.43
Internals are negative by 2 to 1
Oil Down $1.15
Gold Down $3.70
Canadian $ Down 63 tick @ 95.57
VIX UP 1.48% @ 15.13
In my Portfolio :
Added 50% CLF @ $21.30
Portfolio ANR BAC CLF KOG MU AUY
Exposure 156%
Most stocks are down
@ 2.28 following are green :
BAC KOG GRPN CSIQ SPWR AAPL GOOG
GMCR FB KORS CF YHOO DNKN COH
LULU BIDU PCLN LNKD V SNDK
TZA FSLR SBUX Z YELP.....
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hi Saleem & Stocktrader,
I feel we may have an small oversold bounce and then head lower. Stocktrader, I know you like/liked TZA, have you given any thoughts to some TZA calls?? Saleem any thoughts?
Vic
Hi Victor,
As indices are near lower level of current range, my personal belief is that TZA calls may not be productive....BUT IF we rally for 2 days then TZA calls may be a good idea for daytrading.
Saleem
Hey Vic,
Yes, I was actually thinking about putting TZA back on in a day or two--I still think weak economic data, political uncertainty, and earnings warnings from tech/industrials are risks for September.
There's enough decay in TZA being a triple short anyways such that I don't think a call with a time decay would be something I'd do. I have enough spare room in the portfolio that I can take on a large hedge without much problem.
I think China's preliminary PMI numbers will be really great overnight--hence my addition of so many materials stocks today. This "great" data might make bond yields go even higher though...
Stocktrader
Saleem, stocktrader.
I'd be waiting for the bounce before taking on the short position. I'll be looking at some Sept/Oct near the money calls on TZA. Leverage on leverage.
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