I used the opens strength to unload most of my shorts. We are in an area of support for TSX and Oil after what’s been a brutal time for commodities. I’m not a support/resistance trader but for those that are now may be a good time to initiate some new longs. I also don’t buy weak charts and overall these charts remain weak when viewing the daily, but if you are stuck in some longs you may have an opportunity to unload over the coming days and weeks if a decent bounce materializes.

I’ll be moving on from these sectors and focusing on new sector setups going¬†forward. Right now the telecommunication and multiutilities index are particular areas of strength that could set up a long trading opportunity shortly and I’ll be writing more about them later on in the week.

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2 Responses to “Covered All Miner Positions At Open”

  1. J.Dostigan Says:

    Nicely done Jeff.

    Overall, in the tape it feels like we get short, sharp bounce in the markets – only to be shorted. Of course, all this is nothing more than a coin toss with so many headlines risk.

  2. jeff pierce Says:

    thx john. it had a rough patch but worked out in the end.

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