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Short QQQ @ 191.65


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#1 skott

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Posted 16 September 2019 - 10:42 AM

for sheets and giggles



#2 skott

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Posted 16 September 2019 - 11:03 AM

Still 99% long gold miners. The 1% drop was due to trimming a very large position I have in an explorer that I owned 62,000 shares to begin with. Not sure If I'll add back on the 18% margin I had from early June until August 7th thru august16th



#3 skott

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Posted 16 September 2019 - 11:29 AM

I received some questions recently about the change in position in miners so let me make it clear or you can go back and read all the posts. I've been long some explorers longer than June, like Irving resources. I accumulated that mostly in 2017. In early June  I bought GDXJ, AG, VGZ and other mid tier companies to go 118% long. I posted that and said this is a big bull market.   Starting August 7th I started selling to remove all margin and went down to 100% of my money being in gold and silver miners and GDXJ ETF. That turned out to be a top of sorts. Pullback ensued and bottoming process in progress now.   I later trimmed one position to go down to 99%. I fully intend to put that money back to work to at least get back to 100% If I wasn't almost fully long, I'd be buying now.  That sell was just a matter of diversification. If I can buy at the right price I may add some margin again but I am a bit leery of a huge market crash pulling everything down at least temporarily. Hence the small QQQ short


Edited by skott, 16 September 2019 - 11:32 AM.


#4 gismeu

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Posted 16 September 2019 - 01:42 PM

Thanks for the thorough explanation!

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#5 skott

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Posted 16 September 2019 - 02:08 PM

they couldn't really take SP futures through 3000 resistance. I'm staying short QQQ for now. small position



#6 fib_1618

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Posted 16 September 2019 - 02:47 PM

they couldn't really take SP futures through 3000 resistance. I'm staying short QQQ for now. small position

 

Careful...breadth is actually positive in both the NYSE and NASDAQ at 3:45 Eastern,

 

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#7 opinionated

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Posted 16 September 2019 - 05:17 PM

Thx scott, I just hope this turn in gold happens soon, tic/toc... I to am nearly over extended long.

#8 skott

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Posted 16 September 2019 - 10:11 PM

thnx for the warning fib.  Opinionated, we are bottoming now of that I'm pretty sure. We either made it already or another two weeks of sideways to maybe slightly down. I don't mind the wait so much.... turns my gains into long term cap gains treatment.



#9 skott

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Posted 16 September 2019 - 10:26 PM

FWIW, I think the VIX  has been telegraphing a significant top is occurring. I believe we might have made the final top already. Let's hope we don't get a super crash



#10 opinionated

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Posted 17 September 2019 - 04:59 AM

My time window will not wait two weeks,

 

What is concerning me is percentages are growing 34% a few days ago it was 0.0%  that is why gold is not going... It is all about perception.  If they don't Gold and Equities will take a swan dive.

 

I though for sure cut but I am wondering....