Another wild reversal today on Job's Friday. Today was the opposite of yesterday. We were initially long and I thought the market would grind higher and that our profits would be on the long side. During the sell off we flipped to the short side in the afternoon taking short trades to hit equity peaks in the Stock Index Portfolio 26.
I thought the market would move higher today. Once we saw momentum to the downside, I thought the market would break through yesterday's lows. The market supported yesterday's lows and really wants to support the 3900 level in the S&P and 12,000 in the Nasdaq 100.
Momentum Reversal was once again the trade of the day capturing the short trade in the S&P and Nasdaq. This strategy has been a top performer this week.
The 200K Portfolio was up $4,850 on the day and the 50K Portfolio was up $1,175 today taking us up on the week and on the month. The S&P strategies went 4 for 4 while the Nasdaq strategies went 8 for 14.
The market is being propped up less and less on down days as the 12:00 pm EST and 2:00 pm EST lows did not hold.
The Stock Index Portfolio 26 has dialed in these difficult reversals lately, hitting equity peaks today. We will update the Portfolio Calculator over the weekend.
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