The red tide washed in this morning leaving few ETFs in the green. SMH was the exception, continuing to show resilience and driven largely by the vagaries in INTC. The VIX, which is always a study in head scratching, is down 3%+ as of this post but VIX options are showing a ho-hum response, probably a result of near expiration in 7 days. Our TLT position (mentioned yesterday) did flip to the SHORT side at yesterday’s open but we are keeping a tight rein on this one using a 1/3 daily ATR stop of $.23. This is a versatile stop routinely employed by some professional traders.
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