Well I did say didn’t I, that when I go on vacation you can expect two signals a day. Never fails! Here we are on day one and we’ve had an exit signal in $AMBA for tomorrow, and now an exit in our Long S&P ($ES_F) which we executed at the open tonight for a loss of $1,625.00 per contract.
This leaves us SHORT 30yr, Dollar, and LONG NASDAQ, Euro, Oil, Gold.
Long S&P ($ES_F) 7/18 -$1,625.00 per contract
In our weekend review we mentioned “…the 1646 level as being more important. If pushed I can make a case for 1639, but you don’t want to get into a situation where you’re looking for a reason to stay in, because you will find one. I will be pleasantly surprised if this rebounds back above 1665, I expect an exit signal when 1646 goes cleanly, but we’ll wait for confirmation.” That’s pretty much what we got today and we’ll happily step aside now.
Let me underline also to avoid any confusion – when we get signals like this it doesn’t mean we are now bearish or neutral or anything else about the market. All our equity positions exist on their own merit and there is no top-down view applied to them. The futures system for which trades are shown here has specific parameters of trend definition, strength and efficiency for a select basket of futures, and this signal purely reflects those criteria.
Our remaining positions are as follows:-
Long NASDAQ ($NQ_F) 7/18 +$15.00 per contract
Short 30yr ($ZB_F) 5/13 +$13,125.00 per contract
Short Dollar ($DX_F) 7/23 +$890.00 per contract
Long Euro ($6E_F) 7/22 +$2,400.00 per contract
Long Crude Oil ($CL_F) 7/5 +$5,730.00 per contract
Long Gold ($GC_F) 8/16 +$180.00 per contract