The $131.00 - $131.50 level still remains, as the SPY closed at $131.15. Into the close I picked up my first short position, SDS. This is 7.5% of my entire swing trade account to give everyone an idea.
PCBC is still being held. This is a small bank stock that looks cheap to me. I have held it from my entry of $27.75 a couple weeks ago. Today it closed at $29.04. I would like to see it get to $30-$31 before I unload it.
NIV continues to float lower but I am not worried at all. The stock is a small cap play that makes a ton of money. To me it is a long term hold.
Overall, I am holding just one short position and a few long positions, mostly small caps. I am holding a large cash position which is being used for the appropriate short term swing trades as they pop up. This week, Ford Motor Co. was a no brainer. Nick's PST was also an amazing call.
The market is clearly still fully controlled by the Federal Reserve. This makes it tough to load up on a lot of shorts regardless of the markets being over bought. Take it easy picking up shorts. One or two here and there. Next week, we will follow the $131.00 - $131.50 level and see if it holds. Should we confirm above that level, $135.00 could be next. Watch for global issues over the weekend. Should more unrest develop, we could see a drop on Monday. Otherwise, neutral to positive on Monday.
It has been another fun filled solid week. I enjoy having you folks and appreciate your loyal following. I will continue to do my very best to bring the best trades and analysis to you all every single night. Enjoy your weekend.
Chief Market Strategist
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