Live: Wednesday, Aug. 7, 2019

12 p.m. New York time

I’ve posted the analysis of SPY.

11:55 p.m. New York time

I’ve entered a short iron condor position on SPY. Details to follow.

10:10 a.m. New York time

Metals are all that’s worth buying out of my managed shares pool. I added SLV to GDXJ, and I still have three empty slots.

sym slot # price $ sector
GDXJ 1 40.79 metals
SLV 2 15.88 metals
(empty) 3
(empty) 4
(empty) 5

One reason for the paucity of trades is my new rule requiring that the symbol be in an uptrend. At this point I’m using the gut-feel method — I know an uptrend when I see it — and will, if the opportunity presents itself, use such things as Japanese candlestick patterns to resolve ambiguities.

Only SLV qualified for a trade when trend was added to the mix. The buy signals rejected because of their trends were BRZU, DBA, EEM, EPI, EWH, EWM, EWW, EWZ and RSX. So clearly, at this moment, the trend requirement is quite limiting. In a future up market, the trend requirement won’t be limiting at all, since almost every sector will be trending upward. That makes the trend an invaluable tool because it ties my trade selections to the Zeitgeist of the markets. Or, as wise old traders with a liking for shibboleths habitually put it, “The trend is your friend.”

By Tim Bovee, Portland, Oregon, August 7, 2019


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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