Not Too Much To Do Today

There was not much to do today, especially after 10:30 a.m. (central time). Unfortunately, I was in court for most of the morning so I missed most of the good shorting opportunities. I did use today's strength in the dollar to exit my long dollar position (uup) because that idea didn't pan out the way it should have. The dollar and the markets seem to have started their inverse correlation relationship again, which indicates that the dollar strength at the end of 09' was probably just traders unwinding their carry trades for the year.

The selling in the markets stalled out this morning and almost all of the stocks that I have on my potential short list couldn't follow through to the downside...so I went long TNA this afternoon with a buy the dip trade. We'll see, BGU may have been a better call but the small caps have been strong lately.

Have a great long weekend!

TLT

Trade Update: TNA

Sold TNA this morning for a nice little 10% gain. Will the stock continue to go up? Maybe, but my plan was to sell at the $24 level and I stuck with the plan. All-in-all, this was a well planned trade that worked out according to plan...love it when that happens. Here's the chart:The markets are a little mixed today...stocks are down right now but not by much. I'm holding a few currency trades (short Eur/Usd, Usd/Cad and long Aud/Jpy, Cad/Jpy) and a couple of stocks (long AAPL and ATW) and I think that will do it for this week. I might make a continuation trade (read here for explanation of continuation trade) if the Eur/Usd is still showing considerable weakness going into the close this afternoon.

Have a great weekend!

TLT

Trades For Today

Good morning. Hope everyone has their taxes done...or at least has filed an extension. I put on a couple of trades this morning. First, I bought some TNA. TNA is the Direxion Small Cap Bull 3X Shares. Buying into an overbought market can be a little scary, but bullish conditions are still present so I'm buying. Here's an hourly chart of TNA:We'll see if that trend line holds as a resistance point. Other than TNA, I bought into the Gbp/Usd this morning after it dipped down to the 1.4920 area and then rose back above 1.4950. The pound has been strong this week, we'll see if it has any more steam left in it.

Have a good trading day.

TLT