Taking Advantage of Turbulence; Chess Moves
After adding to the short on Thursday, I just covered half of my LUV short at $41.77 to scale gains. My initial entry was last week here at $43.44, followed by my $42.94 add. I also moved my cover-stop down to my original entry price ($43.44).
The current position now equates to roughly 3% of my portfolio capital.
As you know, shorting this market has required exceptional agility and discipline. As evidence, look no further than the sharp upside reversal we are seeing in the broad market following the Good Friday swoon in the futures.
Thus, I continue to be quick to trade around any individual shorts I take.
As for the rest of my portfolio, NUGT is the big winner for me, while UGAZ is taking a hit off Thursday's rally. Still, UNG looks to be digesting that rally with an "inside day" doji so far. My CP and MA shorts are also working for me ever-so-slightly as I write this.