Just a little update on the Grand Slam 2 system (see BZB Dirty Dozen Systems in blog panel on right for TS code details). I'm still using the default settings with no updated optimization. . . and the results are still pretty impressive. With the system currently on a SELL, I closed my few very short term XLP and XLB longs and covered my longer term GE position with the Feb 16 calls to lock in a few bucks. Since everybody and his brother have already expressed the strong conviction that a pullback is imminent, I figure. .HEY!, why fight the crowd? The rally seems to be losing momentum, with a lot of dojis popping up on the charts today. And, with the RSI2 now at stratospheric levels, the odds strongly favor some level of retracement. Whether the rapidly approaching earnings season will provide the catalyst for such a retreat remains to be seen. I'd like to see the VIX make a another run-up to the 60s so I can sell off some longer term premium, but that's just a wait-and-see scenario.
XLE continues to outperform the rest of the basket, ostensibly driven by the Gaza conflict.
Finally, I would be remiss if I didn't mention that Bill Luby has posted 2 great NY Times articles (IMHO) that deserve to be read by anyone who wants an deeper insight into the origins and depths of the current meltdown.
2 comments:
HEY, DON'T BE CALLING ME "EVER BODY AND HIS BROTHER", HAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!
Clueless One,
Actually, I was referring to Don Worden and his brother Peter of Telechart, but I consider you a true brother-in-arms and I'm more than happy to share the limelight with you.
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