Closed Positions and UYG

Maria Bartiromo mentioned the market hasn’t had this big a reaction to a rate cut since April of 2001. I wonder if the market will continue down for two more years, as it did then.

If you caught today’s pop… Congratulations. You were either in before the rate cut, or can buy positions faster than blinking your eyes. The market decided to keep it’s relative strength after the Fed announcement.

We have a trendline breakout. Will it follow through? Will the Fed cut again on more bad news? Will that help?  Stay tuned.  I’m buying longs with caution until the recent highs are taken out.

My two position trades in QID and MZZ were stopped out under their September 4th lows for a 2R loss. I’ll put the trades back on if this breakout fails.

The UYG - Ultra Financials Proshares ETF broke through it’s 50 day moving average, and was bought. A trendline breakout with volume, and higher low pivot make this attractive.