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Now, here’s the ETF Scorecard for today:
GDX had cooled off Friday, but rebounded yesterday. If any of you bought the dip for NUGT then it paid off nicely for you. I had already locked in about $19,000 in profits on NUGT last week, and was content with sitting out on this one. I was very close to rebuying the $7.90’s yesterday on NUGT but was waiting for another dip. Looks like waiting to pull the trigger cost me, but I’d rather err on caution than not be comfortable with my position.
UNG and UVXY had rough starts to the New Year. I’ll go into my plan for UVXY below.
As for UNG, it had a huge decline as warm weather forecasts have replaced what was expected to be cold weather. Nat gas has been tough to trade around because of the large swings it is prone to taking. As short-term weather outlooks change rapidly, nat gas remains volatile. Of course, you can catch some nice moves, like I know some of you did yesterday, but tread lightly here and have your stops in place. I did flip UGAZ a couple of times yesterday and then decided to hold some of it overnight. I like this trade right here and you should definitely be looking at this one.
And for the TSP Portfolio…
UVXY – This got crushed yesterday, and it’s pretty amazing how fast things can turn with this wild beast. Going into this year, I want people to realize that UVXY can be a risky trade, but it has paid off for me many times in the past. Right now, my plan is to average down (no rush) within the next few days and will keep you posted on my add to that position. Remember, I locked in half of this trade for a nice win last week so even though I am down on the remaining half the battle is not lost.
EWW – Interesting headline for you all on this one…From Trump’s tweet yesterday (see below) GM got slapped with a tax IF they build cars in Mexico and it sent the EWW down around 2%, or more than $2 billion in market cap lost in just an hour… Solely from a tweet! Trump’s Twitter account is a weapon that traders can’t afford to ignore, and this is something that myself and all traders should be monitoring on a daily basis. You never know when he will strike next, and this could play a big part in the market this year!
Luckily, the damage here wasn’t as bad as it could have been, and I’m about even on this trade. This is still an ETF I want to hold, barring any tweets from the president elect…
I also noticed that I got paid about $200 at the end of 2016 as a dividend from EWW. Those are nice little surprises you get when you own REAL stocks or ETFs.
DRIP – The fund took a hit yesterday morning, dropping about $1 which definitely made me question the trade but then rebounded quickly as oil dropped. A down day overall, but I’m still up on this position. The real underlying question here is with OPEC and its ability to balance the market with production cuts. I’ll continue to hold this one and actively monitor.
UAA– Again, not much change here. I’ll continue to hold onto this one, and I’m up slightly on it. Personally, I’ve added even more shares to this position. I really like the company and think there’s a $5 move ahead on this sometime during the year. Plus I wear their clothes everyday!
What I’m watching…
I still think there is better opportunity right now with some oversold stocks compared to ETFs right now, so I want to keep giving you all some ideas here. I mentioned yesterday that I am currently in AGN, UAA, GSUM, MBRX, TRIL, AMCN and VRX.
I locked up about half my AGN position yesterday for about $5000 profit. This has been an amazing move from the low $190’s when I got started on it a couple of weeks ago. I think $230’s are coming, but I needed to take some profit along the way.
VRX is the most interesting of the bunch now. It is crossing a key short-term trading level and it is make or break” time for it. I think a $1+ move either way is coming in the next couple of days.
The rest of these I am in a wait and see mode. If they work, I will sell them. If they slip even a little from here I will sell them. Overall I’ve got a nice profit on the basket of stocks and I won’t let that get away.
I’ve learned that if stocks you bought for tax selling reasons (like I did with this basket) don’t move in the first few days of January then you need to get out. Don’t hope and pray too long with these. They either work pretty quickly or just sell for flat or small losses and move on.
That’s it for today. I hope everyone has a great trading day!