Weekly Market Wrap: Taking Profit on Short Positions!
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Last week, we saw the bearish trend continue for stocks, crypto and REITs, as well as the bullish trend for USD.
Since we have been holding these positions for quite a while, and they are all deeply in the money, I have decided to close these positions and take profits.
Some of these positions were also getting a bit overbought/oversold, and some were nearing support/resistance, so I thought it would be a good idea to take profits and stand aside to see if there is any rebound, where we can re-enter the market at a better price.
This month has been one of the most profitable for our portfolio, and there is a good chance that the long-term trends will continue till the end of the year.
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For our weekly market wrap, we go through some of the trade calls and analysis from last week, which gives us valuable insights for the week ahead.
We cover 3 main markets with a total of 200+ counters, so we will never run out of trading opportunities:
- Forex, CFDs, commodities, bonds
- US stocks, ETFs, global stock indices
- Cryptocurrencies, crypto indices
By covering a broad range of markets, we can focus our attention (and capital) on whichever market currently gives the best returns.
Table of Contents
Weekly Market Outlook Video
Weekly Market Outlook (23 September 2022)
? Rates went up by 0.75% during FOMC on 21 Sept – more rate hikes coming!
? Long-term bearish for stocks, crypto, REITs, commods, etc. Deeply in the money now, continue to add more short positions on pullbacks.
? Long-term bullish for USD
Portfolio Highlights
Weekly Portfolio Update (23 September 2022)
Still bearish on stocks, REITs, and crypto, accumulating short positions. Almost all of cash is held in USD since it is the strongest.
Forex & Commodities Market Highlights
Now that the second target for USDSGD has been hit, it might be a good idea to take profits since it is at the top of the large trading range.
Following up on USDSGD, it has exhibited 2 bearish pin bars. Likely to have a correction soon.
Parity with USD next?
https://twitter.com/thestalwart/status/1574203631456292864
Stock & Bond Market Highlights
https://www.wsj.com/articles/mortgage-rates-rise-to-6-7-highest-since-2007-11664460015
For those still short on the NASDAQ 100 (US100), might be a good idea to take some profits since prices have dropped a lot in a short period of time, and a rebound is likely.
The global REIT ETF (REET) is turning out to be one of my best shorts this year, and I might start to take some profits as the drop is looking a bit too climatic.
https://finance.yahoo.com/news/goldman-sachs-cuts-2022-target-091339381.html
Crypto Market Highlights
Looks like a good time to take some shorts on Ethereum (ETHUSD), after prices tested the resistance level and rejected it with a pinbar.
Good luck, and may next week bring more excellent profits!
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Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
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