Okay, so we are getting some traction lower within the short term trading horizon. Note that I highlighted my concerns with equity money flows last week.
The move lower is nothing to write home about just yet but it is allowing me to add some to existing long positions, while starting a couple new ones.
So what do I like here?
Note that I typically start positions at 1/4 size with few exceptions. That said, I’m starting JetBlue Airways (NASDAQ:JBLU) at a 1/2 size position today.
This has been a weak move lower so far in the broad markets. It’s currently around 10 to 1 lower early on but not in the size which would be indicative of panic. It’s important to remember that markets do fall on an absence of buyers.
My current trading plan/actions:
I’m adding to positions in Merck (NYSE:MRK), Abbott Laboratories (NYSE:ABT), Baxter International (NYSE:BAX), 20+ Year Treasury Bond ETF (NASDAQ:TLT)
I’m starting longs in JetBlue Airways (NASDAQ:JBLU), Freeport McMoRan (NYSE:FCX), Halliburton (NYSE:HAL)
Remember, these are my opinion and my analysis. Â Here’s a look at the charts:
JetBlue – JBLU 60Min Chart
JetBlue – JBLU Daily Chart
Freeport McMoRan – FCX Monthly Chart
Halliburton – HAL 60Min Chart
20+ Year Treasury Bonds ETF – TLT Monthly Chart
Do not allow your political ideology to cloud your trading investment decisions! Look at markets for what they are not what they should be. Â Thanks for reading.
Twitter: Â @CJMendes
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
