There have been significant changes in the status of the contrarian ideas for this summer that I've written about and of which I've updated.
The contrarian areas suggested were: (1) shorting gold; (2) buying corporate bonds; (3) shorting financials; (4) shorting municipal bonds; (5) selling oil; (6) buying health care stocks; (7) shorting real estate; (8) buying the dollar; (9) buying the Nasdaq 100 and selling the S&P 500 (a hedged position); and (10) buying Treasuries or selling Treasuries, a you pick 'em choice.Short Gold
The three-month daily price chart is shown below for ProShares UltraShort Gold(GLL).
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Buy Corporate Bonds
I used the iShares iBoxx $ Investment Grade Corporate Bond (LQD) exchange-traded fund for this investment. The entry point date was May 26. This position has continued to advance in a very well-defined channel. See the daily price chart below.
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Short Financials
I bought Proshares UltraShort Financials (SKF) on May 26. At the close on Tuesday, the position has a loss of 1.38%. We can see in the daily chart below that SKF has declined close to the previous dip at the end of June. I have raised the stop loss on this position to $40.50, just below the previous intraday minimum of $40.92 on June 30. If this dip goes to a lower low, I want out. The recent doji candlesticks (June 9, 10 and 14) indicate indecision in the market, although the June 14 has a long upper tail, like a hanging man, which can be bearish.
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,779.17 | 1,165.82 | 2,391.28 | 36.72 |
Oil *
81.41
|
|
UP
45.50
|
DOWN
0.39
|
UP
2.19
|
UP
0.30
|
10 Yr
3.67%
SPDR Gold
110.34
|
|
+0.42%
|
-0.03%
|
+0.09%
|
+0.82%
|
Data delayed 20 minutes |
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