This, I hope, is going to be a rather short term trade. Actually, it is a trade counter (opposite) the gold trade. ProShares UltraShort Materials ETF (SMN). I just think there is a short term opportunity here, a gap fill likely, and a temporary and subtle shift in momentum today that will help this trade work.
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Click on the chart to ENLARGE
This second chart is of SMN after today's close.
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John:
ReplyDeleteThis one looks very gutsy to me.
I just put a new chart up that reflects today's close. Provided the stock market retraces some of today's gain - and I think it will - SMN will also retrace some of today's loss. That's the theory...let's see if it works.
ReplyDeleteJohn:
ReplyDeleteSMW does look good on the five minute chart. However, me thinks the daily is scary.
(Sometimes TSI doesn't display on freestockcharts. I can view the daily, hourly & five minute for SMW but the 30 minute is blank. Have you run into similar mysteries?)
I've take trades like this and generally what happens is it has another spike down before a retrace and I'm lucky if I get out even. I hope you have better luck.
ReplyDeleteGarry