Hey Guys,
This morning I picked up shares of TROW since it met my entry criteria. It promptly plummeted in price after I bought it, so anyone who followed me on it likely got a lower price than me. Since then the price is on the move upward. Let's see if this thing maintains its momentum and ends up being profitable for all of us.
TROW didn't have any weekly options available, so I didn't buy any. I haven't yet seen any options trades set up this morning.
I closed out my EIX stock position this morning since it reached its time limit. That one locked in a profit. I still have one utilities positions, D, and that one took a tumble this morning.
Tomorrow I have three stock positions reaching their time limits: TSN, D, and NUE. So that will kind of clear the decks and pave the way to get some fresh new stocks into the portfolio.
As I was typing this email, a new MES futures trade set up. It was a short trade. This is actually a new strategy that I've been working on and that I just equipped in the portfolio last week. I was planning to announce it later this week in conjunction with another update I'm doing, but since a trade just set up I'll explain some more now. The idea is to go short if the S&P 500 goes down 1 ATR from the prior day close. Pretty simple, right! And yet over the course of many years, that simple approach shows potential profitability in back tests. A key about this trade: it has a tight stoploss. So there will likely be plenty of small-ish losses with this strategy. But there will also be cases where we catch a chunk of the ride down on a market pullback.
If you have any questions or feedback, I'd love to hear from you.