Markets Remain Weak, To The FAZmobile!
It’s been a choppy week for US markets.
Monday we wrote This Could Be The Time To Hedge Up and that’s exactly what we did by putting on some short $SPY via $SPXS to offset our long exposure.
It was a quick trade for us and we were out the next day.
Long SPXS 15.35, Exit at 15.63 for a +1.82% gain.
Wednesday looked promising on the heels of that nice bull rally back over SPY 205 but it was certainly short lived as today we find ourselves giving all of those gains back and re-testing 204 support. Under the hood, things look worse.
One of the ways I’ll look for trade ideas is to narrow things down by recent sector performance.
Here’s a look at the 5 day sector return.
In this case, I’m interested in the bottom 3 weakest sectors.
Utilities, not interested,
Financials however do look tempting.
Take a look at $XLF right now breaking down through support.
If you believe we’re in store for some further weakness you may want to jump into Howard Lindzon’s famous FAZmobile ($FAZ)
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