Weekly Roundup to May 1st, 2020

Well, it is the weekend and I can’t feel my face. Hilarious, right? I know! You are most welcome!

It is that time of the week that we show all charts regardless of action or not. Our trade in Apple continues; the trade in EUO has been stopped out at a small loss and our portfolio balance adjusted accordingly. Let’s get started.

S&P 500:

S &P 500

The S&P has wandered a bit the last few days, neither here nor there. From our definition of trend, you can see the blue EMA is below the brown. This is a downtrend for us. Our triggers: the price or the red EMA need to close below the blue for us to spring panther-like into action.

Oil:

Oil

Oil continues in a determined downtrend per our moving averages. The blue is below the brown; the red is below the blue and the price is below all of them. Oil’s commitment to weakness remains strong. Reasons? We don’t care. If oil turns and gives us a buy signal, we will be in without any more thought than when we went short on a trade signal. We are traders: ours is not to reason why.

Gold:

Gold

We did have hopes for gold. Fortunately we don’t act on hopes. Even if UBS says gold is going to $3,000. If that is true, we will get actionable signals along the way. In the meantime, that is the kind of headline you need to ignore.

We can see from the chart that we are in an uptrend. We did have a buy signal and had a stop-buy in on UGL – our stock market proxy for gold – just above resistance. Gold just would not go through. Maybe it will get there, we shall wait.

Bitcoin:

Bitcoin

Bitcoin is my attempt to give you in our list just a few symbols to follow that cover a lot of the market place. Crypto currency and blockchain technology is really just starting. The status quo will be putting up an even greater fight as their ability to line their nests with unreasonable profits is being threatened.

The chart is telling us downtrend, but we can see that the three moving averages and the price are beginning to fuse together. This can result in a lovely, actionable signal for us. More as it unfolds.

USD/EUR:

USD/EUR

A currency pair. As the price rises, it means the base currency (the first one in the pair) is stronger. If the price goes down, the second currency has the upper hand.

We did have a trade in EUO, our stock market proxy. We were stopped out as EUO hit a low on Friday (1st) of $27.86.

In summary: a high of $29.12 anchored our trailing stop at $27.86. We had purchased 350 shares at $28.51. Consequently our loss is: $28.51 – $27.86 X 350 shares = ($227.50)

Our revised portfolio balance $118,901.3

Apple:

Apple

We were triggered into a trade at $292. Our trailing stop was placed just under support at $264. The high in Apple at $299 dragged our stop up to $271. My concern was the various levels of resistance to the left of our trade. The falling window (gap) is one of those levels.

At the moment we remain in this trade.

Any questions or comments, please drop me a line at: charlesgoddard2020@gmail.com

TTFN,

Charles

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