3/27 – 3:15 p.m. New York time
I feel as though I am floating in the doldrums. But that’s what happens when a broad reversal in trend occurs, as happened after the Jan. 26 peak. It takes awhile to gain clarity, and as a result, I’m being extra cautious in how I trade.
A quick discussion of my holdings:
GLD reversed 12 cents below the Feb. 16 high of $128.70. A break above would have cast my bearish position in doubt.
IWM has resumed its decline and now stands at 28.2% of its maximum potential profit. My goal is to manage the position at 50% or higher.
DVN is holding in a sideways corrective trend, and I expect it to resume its movement to the downside. Timing, as always, is the great unknown.
It is a short week, with the markets closed on Friday for a Christian holiday, and such weeks generally have a dampening effect on market activity. So I don’t expect the doldrums to be replaced by strong trade winds during the next few days. Nonetheless, my sails are ready for hoisting once those winds develop.
3/27 – 11:40 a.m. New York time
I have no exits in sight this morning.
By Tim Bovee, Portland, Oregon, March 27, 2018
Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.
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