Hi everyone, welcome back! Last week I mentioned that I wasn’t sure where the indexes would go from here, but guessed that we would move lower. It turns out we moved quite a bit lower, which was unexpected.
I took a large loss on DKNG for 2% of my total account value (sold on Friday). I am now out of all my short term positions because my trading strategy works poorly when volatility is high (I get stopped out too often).
SPY weekly chart below. The 320 level might hold this time, but then fail the next time we test it.
DKNG daily chart below. I took a 2% loss on my account on Friday.
Boeing is moving back to a price level where I am considering buying again for the long term (3+ years). I want to buy in the 90 to 120 range and sell near the low to mid 200s (like my trade in March).
Have a great week!