Updates for Thursday 9/3/20

​Click here for our Signal Trades.   
Below is a time-delayed excerpt from our live updates for members.

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Updates 2:25 PM EST - Thursday 9/3/20

Short Term
We took partial profits with UVXY Position1 in our Signal Trades and raised the sell limit order for UVXY Position2.   The bet on volatility strategy that we wrote about since Wednesday has paid off nicely so far.   

We also lowered the buy limit orders for TQQQ (2 positions).   Why?

• Market breadth has gone very negative for NYSE & Nasdaq today.  This is bearish.
• Equity put/call ratio shot up from very low a few days ago to short-term high.   This is bearish.
• $VIX $VXN $VVIX are not done rising yet.   This is bearish.

There's a fair amount of profit taking happening for $SPX $NDX.   And there's a sense of mild panic in the air from the novice traders not used to a sudden steep market drop.  Selling begets selling.   When the market surges on a couple of key stocks such as AAPL and TSLA, it will dive on a couple of key stocks such as AAPL and TSLA too.

So we might as well try to take advantage of the situation and buy low.  

In the Signal Trades spreadsheet: 

• The sell order for UVXY at 27.5 got filled for 19.36% gain.

• We also placed additional buy orders for TQQQ.

Updates 10:21 AM EST - Thursday 9/3/20

Short Term
$SPX $NDX IWM are trying to find support from the morning gap down.

First level of support for $SPX $NDX IWM is the zone around the high of August 27.  

If $SPX $NDX IWM bounce from this level, their first level of resistance is this morning's high.

If $SPX $NDX IWM fail to bounce from here, they may be on their way to drop sharply down to their green support zones.   This most likely won't happen today, but the mood has changed in the short term from super bullish to profit taking mode.   This is the down swing in the channel that we were talking about.

In the Signal Trades spreadsheet: 

• We placed 2 sell orders, one for UVXY at 27.5 and one at higher sell price.

Updates 9:17 AM EST - Thursday 9/3/20

Pre-market

• $NDX $SPX IWM are all gapping down this morning, exhausted from yesterday's tremendous climb.
• $VIX is coiling to rise higher today.

There is a chance that in the morning fluctuation, $VIX will drop a bit and therefore UVXY will drop a bit too.   If you are looking to enter UVXY or add to your positions, see our Signal Trades setup.  You will need to monitor $VIX $VXN UVXY closely.   The opportunity may be fleeting.

In the Signal Trades spreadsheet: 

• We personally had 2 UVXY positions already bought on 9/2 at 23 and 23.4.
  
• We also wrote: "If you haven't entered UVXY yet, you can scale in between 23.5 and 24."

Updates 12:59 AM EST - Thursday 9/3/20
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