Anyone here trade the market? We are currently nearing Dow 20K and thought this would be a good time to make a thread and see what other pinheads trade or invest in the market.
I am a short term trader, with about 90% of my trades lasting less then a week. I have been doing this for almost 15 years now.
As of today, I have decided to short the stock market here using the DXD ETF (long a large position at $14.00 even) and also using TVIX (ETF that tracks VIX futures, not the VIX itself - highly risky and not an investment ETF by a longshot) avg of $10.17. I will sell on a big spike / market decline and lock in profit, or cut losses quickly if I am wrong (stop loss at $13.00 on DXD and $9.00 on TVIX)
Currently the Dow is at its most overbought levels I have seen in many years, and DXD is the most oversold I have seen it.
The Fed meeting going on between today and tomorrow should result in a rate hike, which is supposedly priced in. I am expecting a 'sell the news' scenario and a large pullback.
Good luck to anyone long in the market right now.. in my opinion, today would be a great day to sell and buy back on a bigger pullback. It should be getting turbulent out there very soon.
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”