I bought 50 shares of UUP [PowerShares DB US Dollar Index Up] today. I bought it because of this blog post from Mish’s Global Economic Trend Analysis. From the post:
“The Dollar Sentiment Index for the Dollar Index reports just 3% bulls among traders, an extreme level only five times in the past 20 years, usually near an important low,” Prechter wrote on Aug. 5. “The last time we saw readings like this was March-July 2008, just before the dollar soared.” In other words, the “short the dollar” trade is overly crowded.
So that’s all the ‘research’ I put into this trade. I think it looks reasonable that the dollar is set for a rally, and at the very least the downside is probably limited at this level. I’ll be looking to make a few points on this and get out soon.
Here’s a chart where I made my buy (blue arrow):
Buy, UUP
I took another position in UYG this morning. It was in a low volume trading range at the time, and I’m expecting a break-out to the upside later today or tomorrow. I set a stop loss at 2.54 so this will have a little room to move, but won’t do too much damage if I’m wrong.
Buy, UYG
Bought 140 shares of FAS at 6.68, with a stop loss at 6.32.
I took a shot at FAS this morning, but I picked the wrong dip to buy. It dropped to about 6.00 a little while after I bought, and that would have been a good entry point. I entered at the wrong time, but I’m happy I set a stop-loss and stuck with it.
Realized a loss of $63.00, for a return of -6.69%.
Buy, FAS, Losses, Sell
*Note – This is an old trade that I’m posting for tracking purposes. Follow me on Twitter or StockTwits to keep track of my most recent trades, as close to real-time as possible.
Averaging down and adding to my UYG position. I continue to believe the Financials are oversold and the bad news is being overblown. I would buy more, but this is all I could buy with the remaining cash in my account.
Buy, UYG
Bought 200 shares of the FAS (FINANCIAL BULL 3X) at 4.9698 per share.
Buy, FAS
Bought 270 shares of the FAS (FINANCIAL BULL 3X) at 4.90 per share.
Buy, FAS
I bought 500 shares of Citigroup (C) this morning, purely as a speculation of course. I didn’t read the news as being quite so bad as the stock seemed to show with its reaction, but I’ll be keeping a tight stop on this as I certainly can’t say I have much hope in a company like Citigroup.
Buy, C
I bought 300 shares of Bank of America (BAC) at 5.60 per share this morning.
I set a stop loss order at 5.32. The reason for this stop loss is to limit my potential loss to 2% of my trading capital.
I don’t have a clear plan for when to sell, which is a problem, but I’ll probably begin looking to sell at 5.80 and/or simply continue to raise my stop order if the chart continues to look positive today.
Below is today’s chart up to the point that I entered my trade (the green arrow at 11:44 AM). You can see this doesn’t look like a very positive time to buy, but I expected some support around 5.60.
Below is a 5 day, 15 minute chart of BAC. Again, note the green arrow as the point I entered this trade. I was looking for the pullback to the moving average and expecting the trend to continue up. Obviously, I’m not a technical analyst, but I’m learning and these are my basic thoughts as of now. Of course, I also have in mind the general positive trend for financials this week and even more so today.
BAC, Buy
This was a quick buy that I made while watching the Bernanke hearing on CNBC. The bank stress test sounded a lot less ominous than I believe was previously thought. That made me think BAC would be good for a quick trade.
BAC, Buy
After realizing lots of losses, this is my hope for salvation. At 2.01 per share this just looks too cheap too me and I think we are closer to getting good news in the Financial sector than we are more bad news.
This purchase gives me a total of 2,350 shares of UYG at an average price per share of 2.30.
Buy, UYG
