Wow, what a morning. As I noted in the Trade Report last night, it is not the time to make any big bets. However, today’s reaction may provide some good opportunities.
I came into today with very few setups. One was to buy USD on weakness based on the oversold bounce idea (though it is a short setup once it hits the 50 day MA). As planned, I bought this morning’s weakness, 250 shares at an average price of $33.86.
My stop is under today’s low, with a target in the $38-40 range. This guves me close to a 5:1 reward to risk.
My retail plays (KSS, ARO, LOW) have held up well despite this morning’s carnage.