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I don’t think I’ve found a more faithful companion in equities recently than XHB, the exchange traded fund for homebuilders. I’ve written and talked about this thing countless times, and it simply keeps chugging along beautifully.
This was one of those “just don’t have the patience” trades, but it sure is going how I predicted:
I was a little hesitant to add a new short position at these depressed prices, but the long-term pattern of Seagate (STX) is compelling. I am now long September $90 puts.
So much for Elon taking over the government for his personal benefit. His net worth is down way more than a tenth of a trillion dollars, and TSLA, of which he is the largest shareholder, is down more than 50% in just months. There seems to be no bottom at this point, considering how the Fibs keep failing.
I organize my trading world by way of the watch lists in SlopeCharts. I have one list called Bear Pen, which is where I keep all the equities that I believe are good short candidates. When I create actual positions, I do not remove them from the Bear Pen but instead put the same symbols in a different watch list called X-Puts.
There is almost always a set of leftover symbols in the Bear Pen which are promising shorts but, for one reason or another, aren’t live positions yet. Below are those seven symbols and a few words about why they aren’t actual positions at this time.
The first of these is Advanced Micro Devices, which threw off good profits for me, but which is so horribly oversold that I don’t want to stick with it. If the semi sector gets a big bounce, I’ll cheerfully go back in.
