• Portfolio Management for May 29, 2014

    Yesterday, the market opened down and TNA quickly reached the low part of the base from which the uptrend started on Tuesday. This is in theory a good spot to open a long trade, with the objective of a reversal and then a continuation of the uptrend.

    More weakness however came and I placed a stop just below the day's low after we tested 69.50, which was the previous day low. If that level broke, then the gap of Tuesday would probably be filled and the position should be in great trouble.

    TNA then bounced together with the S&P500, but the 20DMF showed that buyers were not coming in and I hence decided to sell. With the coming GDP news that could move the market sharply up or down, better to stay out of a triple leveraged ETF.





    The list for today is below. I did not analyze it. I am still of a mind to short the end-of-month window dressing.



    There might however be a long GDX day trade opportunity today. The GDX MF is indeed oversold and if GDX opens on a down gap, but we see a positive MF in the first 30 minutes, then we will have a 80% chance to finish the day higher than the 10:00 price level. If such an opportunity comes out, a day-trading automatic message will appear. I'll then probably buy NUGT for a day trade.