20Jan2:27 pmEST
Hitting Russia Right in the Goldeneye; Chess Moves
With oil remaining weak and vulnerable to washing out again, I went short Russia as a proxy.
Specifically, I went long RUSS (the triple-short Russia ETF) at $24.60 for a potential day-trade, may swing overnight. My protective stop-loss is below $23, though I may cut it sooner if it goes against me.
This trade is roughly 4% of my trading portfolio capital.
As we have been observing, the Russia ETF, RSX, has been working through what can be seen as a bear flag (see daily chart, below). But it has taken its sweet old time in chopping up traders in the meantime.
I am, simply put, taking my shot that this is the breakdown.
In all likelihood, I probably need RSX to breach $14.40, then $14, below, in order for the RUSS trade to work well.
Again, I may day-trade part or all of this position into the bell, given how volatile it can be.