I haven't had to much to post during the past few days. With the market range-bound and seemingly tired, yet unwilling to selloff, few charts seem truly inspiring either long or short. In my account, I continue to hold many of the same short positions I've had for several weeks, focused on insurers, some financial stocks, retailers, etc. I've had mixed results on the shorts, but will continue to hold since I think we'll trade lower than the current level at some point reasonably soon.
Looking the other direction, I am holding high cash levels, with long positions primarily in commodity areas and semiconductor stocks. Here's a look at some current holdings in the trading account:
Long: ZEUS, NFG, EGO, NVLS, KLAC, NGD, OCNF, DRYS, CRTX, XING
Short: OFG, FDML, PRSC, DTG, AFL, BXP, AET, CTAS, AZO
The retirement account has a larger number of holdings, including some that I am giving a longer leash (for instance, COF short). Here are a few charts:
- OFG: I have been holding this one short for a few weeks now. We can see a double top in place, with high volume selloff yesterday.
- NGD: I like natural gas on the long side.
- ZEUS: Steel.
- XING: Pulling back after a breakout.
- AET: Insurers look weak.
- AFL: Another insurer.
- GLF: Considering for today.
Futures are higher in the premarket "on confidence surrounding the U.S. and Chinese economies" (as per MarketWatch), with the Beige Book coming out later today. If the market can break above its current range, perhaps we'll get some more inspiring setups.
