Slow day for TSP yesterday. I don’t have any set ups that I’m really interested in right now, but will keep everyone posted once I find something for us. Better to be on the sidelines than trade just to trade.
For example, I really wanted to go short the markets yesterday as the indicators we’re signaling a drop coming… but never fear, the Trump Rally is here! Today markets are right back to new highs and all is well in the world. I hope the sarcasm is felt in that statement.
Just on pure technicals, I would say there’s a good chance we see a further market melt up from here. Maybe another 5% or so. Mr Market wants every single buyer in this rally and every leveraged dollar he can scrounge up before this thing tanks. Enjoy the ride while it lasts, but be on the defensive and ready to bail when this game of musical chairs ends.
I apologize for anyone that had problems on our site yesterday. Amazon Web Services had an outage and it affected us among many others. If you experienced any issues, blame Amazon!
The general market was pretty heavy yesterday. A lot of uncertainty moving into the President’s speech last night. Volatility was strong; UVXY was up over 5%, but soon after the speech, everything went back to how it’s been and pushed higher. As I type this, UVXY is down over 7% in premarket. It was a pretty vague speech, and nothing to really shock the market. Eyes have already turned to the upcoming Fed meeting middle of the month. I don’t expect an interest rate hike, but there is believed to be a 50% chance.
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Here’s the ETF Scorecard for today:
For the TSP Portfolio:
UGAZ – Had a nice day, and continues to be a very volatile trade. A lot of ground to make up since last week, and I wouldn’t blame you if you wanted to let this one pass for now.
NUGT – It’s now getting to the point where I am interested in this trade again. I’m not going to make a move yet as I think it has further to fall but I’m really eyeing this one again. I think the risk/reward is in favor here but we’ll be able to pick this up about 10% cheaper if we’re patient.
Other stocks that I’m watching..
NVDA – Momo stocks like this don’t die easy. I missed my $95 target since it bounce so quickly, but I’m now waiting for the next fade which will likely be around $98.
LC – This poor forgotten stock has been beaten up pretty badly. I do like the fundamental business and in the low $5 range I really think this is worth a trade soon.
Only a few more weeks to enjoy Petra’s trade alerts for free. I hope you’re taking advantage of all she’s offering right now. When her service launches next month you’ll be able to get even more value from her with her expert education and more in-depth trade alerts. I’m looking forward to it!
Petra’s New Trade Updates and Portfolio
WY – 310 shares @ 33.83
QSR – 190 shares @ 55.22
Have a great day!