Yesterday, I locked up a lot of profits. The live-streaming account was up over $40,000 and I think it was my best trading day of the year so far.
I am still short a lot of stocks right now with put options on them, but I am very cautious here. I am not making very big bets right now.
I still think the market is headed lower in the coming days. I am seeing so many stocks that are hitting strong resistance and the “money pattern” is flashing strong SELL signals. I think it is only a matter of time before things start breakdown from this strong uptrend we’ve seen over the past couple of weeks.
JP Morgan came out today with rough earnings. They also said something that I have been thinking a lot about lately, which is the US GDP growth could wiped out to 0% this year if the gov’t shutdown continues. I personally don’t think President Trump is going to back down from this even if it does harm the economy in the short-term. This is just one more reason I am bearish on things right now.
I am currently in puts on FIVE, QQQ, GDX and NOW (filled my order late yesterday).
I might add to the NOW trade if it pops up a little more. I think it has great downside potential from here.
I am also looking closely at puts on WYNN, EA, CGC, XLE, IBB, CMG and GE.
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