9/16 – ETF Trading – EWJ
Put EWJ on your watch list today, and take an initial position should it close lower.
iShares MSCI Japan Index Fund (EWJ) seeks to provide investment results that correspond to the price and yield performance, before fees and expenses, of publicly traded securities in the aggregate in the Japanese market, as measured by the MSCI Japan Index (the Index).
From our watch list yesterday, USO and UCO closed higher, so we did not enter the trade.
All of these trades are based on the strategies found in the book by Larry Connors: High Probability ETF Trading. All trades are at the market close.
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As the hedge fund manager Larry Hite would say – seems like now is the time for “sagacious laziness” … or in other words – patience.
Seems like the Dow was waiting for a reason to take out the election day settlement of 9625 – and Bernanke obliged with the recession may be over speech.
I think the next challenge will be justifying a Dow trading over 10,000. Could come from earnings, or employment or good news overseas. But we should get a pull back along the way even if this news in the cards and a sell off if the good news isn’t in the cards.
Until then, “sagacious laziness” …
RBB
It just keeps going up! And what’s so amazing is that it seems to be all based on emotion. If you dig into any kind of trade and business statistics, the fundamentals just don’t support the stock prices.
Oh well, we’ll just be patient and wait for our entry signals to trigger!
Two factors to keep in mind.
1. Over time, the market trades at where it thinks the fundamentals will be 3 to 9 months from now. So right now it is saying more so away from a recession vs. more so back into a recession.
2. We are getting towards year end and a lot of hedge fund and mutual fund guys have been bearish. They have been under invested and now they have to play catch up with the indexes they are judged against. Like the S&P 500, Russell 2000 etc.
They are now fearing another dose or two of good news. That puts the Dow within a sniff of 10,000.
If you are a fund manager who has been under invested, the last thing you want to hear is nattering by the bubble heads on CNBC about “Dow 10,000 ? Could it happen this month, this week, TODAY ???? !!!!” every three minutes when you are under invested.
That’s the way I see it. But what do I know? I spend 23 and a half hours a day in a straight jacket !!!
RBB
Speaking of CNBC (or CNBS as some call it), Rick Santelli is about the only guy talking about what’s really going on. I’m surprised he hasn’t been fired yet – he’s not towing the company line!