Quoted from kpg:
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”
Problem with short ETFs and x2 x3 ETFs is they rebalance every day good for day trades only then you pay heavy tax with short cap gain