Markets are holding up well after the stunning election results from last night. It remains to be seen how long it can hold up. The big question mark is what Trump says about trade in the next few days. Having been very vocal about it during the pre-election phase, it is doubtful that he will not do anything.
I am still bearishly positioned in the market based on trends I have been watching. It is time to take stock of those trends again:
SPY: Still somewhat of a bearish trend; I will keep watching and take my bearish trade off if the trend changes
IWM: Similar to SPY this is also still in a bearish trend; I am currently positioned with a bearish trade through put options and long TZA
EEM: This is the only one that has dropped heavily, about 3% as of now. I am positioned with a bearish trade using put options.
USO: Very bearish. I am positioned the wrong way. I need to get out of my call option quickly while it is still breakeven.
XLV: Bearish but good bounce today and could be going towards neutral territory. I am positioned bearish with a put option. I may get out today or tomorrow based on how this behaves.
XBI: Getting out of the hole it was in very fast. Up 7% today which is over enthusiasm I think. I will get out of my bearish trade when there is some pullback in this space.
QQQ: Could also be getting out of the bearish trend. It all depends on how the rest of today shapes up.
XRT: Very bearish. I am long the January put options and will likely stay that way.