SPY, QQQ Shorts
Back shorting the indexes after the two day rally:
* SPY ($SPY) $748.64
* QQQ ($QQQ) $722.34
Positions: Short SPY VS QQQ VS
Not Broadening Out
Despite pleas of broadening out, the equity market is teetering on a disbroadening.
Here were yesterday’s stats:
* $SPY -0.29%
* $QQQ +0.27%
* $IWM -0.89%
* $RSP -1.22%
To me, key to the broadening-out thesis would be continued strength in financials, which was nowhere to be found:
* $JPM -$8
* $C – $3
* $KRE challenging (to the downside) some important support.
Position: Short JPM (S), C (S)
Poor Breadth, Fading Rotation Reveal Messy Market
The indexes held up reasonably well, but the action under the stock market surface is more concerning.
Sold SPY, QQQ
S&P futures are now -40 handles (an improvement of +30 handles) and I have sold my trading long rentals for a quick and profitable trade:
* SPY ($SPY) $743.47
* QQQ ($QQQ) $704.23
From earlier:
Index Trading Long Rentals (720AM)
* SPY $740.96
* QQQ $700.16
Positions: None
Samsung’s Blowout Projections Trigger Selling and the Semi Top Could Be in
The world’s largest chipmaker seemed to trigger a surprising stock selloff.
Things I Did Today
Here are today’s things:
* Re-shorted indices — $SPY at $748.84 and $QQQ at $722.33.
* Added to $GRNY short at $27.87 — moved to large sized.
* Shorted $JPM $337.81 and $C at $142.90.
* Added to $MSOS at $4.77 and selected individual cannabis shares — $TRLV, $VRNOD, $GTBIF and $GLAS.
Position: Long MSOS (M), TRLV (S), VRNOD (M), GTBIF (S), GLAS (S); Short JPM (M), C (S), GRNY (L), SPY (S), QQQ (VS)
2 Setups I’m Trading as Technology Names Are Bouncing
Here’s what’s on my radar and how I’m approaching the trades.
Strong Rotation Prevents Broad Weakness as SpaceX Joins the Nasdaq 100
The market looks tired on Monday morning, but there is some rebound in chip names.
Positive Seasonality Fails as AI Trade Sees a Shift
The action looked good ahead of the July 4 holiday but then a major shift took semiconductors to the downside.