Bounce? 16th Sep 2022
🖼 Daily Technical Picture 📈
➤ Price again held in the support zone with VIX also contracting from the short-term peak. I'm looking at this as a reply of mid-May. The difference is that VIX was in the panic zone back in May and the move down prior to the bounce was much longer in duration. Maybe I should call it a "mini-mid-May" - MMM. If I am correct I hope the resulting bounce is not mini-sized.
➤ Given the above view, I took profits on the remainder of my short US index positions and switched to a max. conviction long in S&P500, DJIA and NASDAQ. I still hold small shorts in DAX and EUSTX50 given their different price structure.
➤ My overall exposure shifted to +100%. A moderate level of conviction at a portfolio level. The maximum exposure is +/- 200%, the level of highest conviction.
➤ Conclusion: I'm looking for a bounce. Prices may hesitate prior to a bounce and may at times look like falling further. I will not hesitate to pull the pin on my position if prices do break down.
➤ Price again held in the support zone with VIX also contracting from the short-term peak. I'm looking at this as a reply of mid-May. The difference is that VIX was in the panic zone back in May and the move down prior to the bounce was much longer in duration. Maybe I should call it a "mini-mid-May" - MMM. If I am correct I hope the resulting bounce is not mini-sized.
➤ Given the above view, I took profits on the remainder of my short US index positions and switched to a max. conviction long in S&P500, DJIA and NASDAQ. I still hold small shorts in DAX and EUSTX50 given their different price structure.
➤ My overall exposure shifted to +100%. A moderate level of conviction at a portfolio level. The maximum exposure is +/- 200%, the level of highest conviction.
➤ Conclusion: I'm looking for a bounce. Prices may hesitate prior to a bounce and may at times look like falling further. I will not hesitate to pull the pin on my position if prices do break down.
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Not Investment Advice
✅ Copy My Trades @ eToro, etoro.com/people/mrstocky
✅ Verified Track Record 📈
Not Investment Advice
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