We opened up a hedged swing today -- here are our positions:
We know all about the power of momentum -- resistance is futile in front of a real melt-up. However we do think that this is a great place to initiate an initital position short hedged with other longs. Decent size QLD short position 65.26 after adding short in front of QQQQ 48.8. which we will add to slowly if Nasdaq keeps running this week.
We have a small token TNA short position from 44.75 that we have not added to since we think IWM has room to run. Not adding to this - just letting this one sit.
We posted this chart a few times last week/weekend for our subscribers and in StockTwits with a trend-line and 108 alert. We started long on the trend-line and added at 108 for a good position size at 107.89.
We added more to this late in the day in order to even out the hedge and are long average 52.17 for a good size position. Edit: added to XME on this pull-back today, average now 51.68
Our timeframe is potentially longer than usual in order to wait for the plan to unfold.
Edit: added initial XLF position at 14.90 to the swing book, will re-assess post Fed for any additional adds.
Edit: added to XME on the pull-back