The day started out well enough, but hit a “soft” patch and sort of meandered for most of the day. The it showed weakness by sinking just a bit around 3:30. Enough that I decided to dip my toe into the fray, with a tight trailing stop, by picking up a few shares of FAZ at 18.70. My conviction is that I'll see profits sooner rather than later. The low volume still spooks me though.
Flash: sold FAZ because I see the markets still being able to rise on Monday. Made a small profit of 0.29 points. Good thing as it fell off its high mark and the 500 rose a bit not to the day's high of 1374.76.
SSO closed at 55.54, FAZ at 18.81 and SPY closed at 137.67. Gold at the close 1713, Brent at 125.91 up a point and WTI oil at 107.45 down from 108 earlier.
The 500 still has room to rise and may do so Monday.
The DOW. Same here.
Last post for the week have a safe weekend and see everyone on Monday.
Written by Gary