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Even though I didn’t particularly care for the 3/7 low, we came into the week positioned perhaps more favorably for upside, but the week turned out quite well. For example, our Brazil names NU 0.00%↑ and EWZ 0.00%↑ were quite green. The position most at risk from index downside was AMD 0.00%↑ and it mostly consolidated and ended green for the week as QQQ 0.00%↑ underperformed. I think the only long we stopped out on (around breakeven after having taken profit higher) was the UPRO 0.00%↑
From last week’s plan:
It was a cautious positioning that allowed flexibility. As things were getting stretched to the downside, it seemed more prudent (like at the highs) to maintain relatively balanced swing holdings and focus on day trades.
After monetizing a portion of puts at Thursday’s low of day (1:49pm) and adding to the AMD long, we are once again better positioned for upside but fully prepared to adjust if needed. If this was indeed the swing low, we will still need to proceed with caution about the prospect of a lower high. I will at minimum be hedging potential lower highs if not outright shorting them.
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