Yesterday I did the “Danger Zone” post, suggesting for “AGGRESSIVE INVESTORS ONLY“, to attempt to score on defense, up against resistance. Also shared for those who hold LONG positions in the Nasdaq 100 (QQQQ), DO NOT SELL. ( see post to buy QQQQ)
For anyone who was able to buy PSQ late yesterday, SELL PSQ right now. Stopping the loss at a little bit above 1%. I will be wrong, I am ok with being wrong, I am NOT OK with being WRONG FOR LONG!
Three bond plays have one thing in common…
Investment Grade (LQD), Preferred Dividend (PFF) and Muni Bond ETF (VKQ) all created rising wedges and are breaking down, while the 5-year note and 30-year yield are on 10-15 year support lines and turning up…
A common thread or theme taking place?
My strategy is called TB&M (which stands for “Tops, Bottoms and No Middles) At a bottom and turning up? “Power of the Pattern” seems to be suggesting that.
Don’t I know it!
I gave up most of my gain in TMF because I was too stubborn. Too focused on the falling channel and not enough on the action within the channel. But thanks to you, I’m now out!
I’m a bond bull, so I’ll go back at it when the “Power of the Pattern” is back in my favor: Gartman’s Golden Rule #11- “Trade when the technicals and fundamentals, as you understand them, run in tandem.”
(But that’s what makes me so nervous about QQQQ!)
Thanks
Jeff
Jeff,
good luck…QQQQ remains acting very well, great job on QLD!
Better QLD does the better TBF does too??? 😉
Thanks.
I had a good feeling about the bullish call on Tuesday, so I held my QLD yesterday.
BAC and WFC have broken support on the CMO mess, so I’m putting a short etf position on to “score on defense” in financials.
Wish me luck.
Best Regards
Jeff Brown