This past week saw the closing of all but one of my open positions. DIA, GLD, FB, and an earnings trade I didn't post on in SBUX. DIA and GLD went smoothly, and both were profitable. FB? It ran up and then right back down again, so I decided to get out of that one for a scratch. SBUX reported a great quarter and announced a stock buyback, so that launched it to the top of the expected range, only to be pulled down during the day on the backs of a biotech meltdown in the NASDAQ. So, I got out a little too early, and made about $45. Eh.
Only open position now is short the Q's QQQ. With the biotech selloff and the AMZN jump, albeit less so than at the open, QQQ sold off about 1% on Friday. It closed near the lows of the day but failed to break soft support on the close. There is definitely some negative momentum, so I plan to leg out if we clear that 111 soft support. I decided not to leg out in GLD because the broader market began to sell off, and the negative momentum was taking a break, So I just closed it for a $150 gain. I'm still thinking gold will head to $1000/oz but if everyone else thinks that, why hasn't it gotten there yet? Volume decreased as gold sunk lower, never a sign of continuing downside momentum.
All told July is looking to be a pretty profitable month, clocking in at around +2.XX% as of right now. If things go smoothly with QQQ than that could turn into 3-4% for the month.
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