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Dip Buyers Get Beaten For a Change

Daily Rap 02-25-2020

Overnight the SPOOs threw themselves a little party, as they gained about 0.75%, largely on spurious news regarding a potential cure for COVID-19 out of Japan. However, that rally didn't last long and within about an hour and a half the market had lost over 1%. From there, once it stopped falling, it managed to trim the losses to less than a percent by midday. In the afternoon, however, despite a couple of rally attempts, the market kept sliding, losing about 3% on the day.

Away from stocks, fixed income was on fire and green paper was a little weaker, but sort of a nonevent. The metals were under pressure last night and today, led by silver, which lost 3.5% versus a 1.5% decline in gold, with many surges back and forth. (They were hit...more


Last year's posts for Ask Fleck

Q: Hi Bill,

Checking if know anything about AbraPlata Resource Corp (ABRA) and Group Ten Metals (PGE)?

Thanks

Fleck: Never heard of either of them.
(posted: 2/24/2020)


Q: Do you manage your retirement account differently from your regular account? For example, if your retirement account is tax deferred, than do you do more short term trading?

Fleck: You have to be much more careful in a retirement account. It's tax free, and you can't deduct losses.
(posted: 2/24/2020)


Q: Hi Bill,
You mentioned a "hunch". Mine has turned into a tingler. Any reason why one shouldn't take on as much sqqq as one is comfortable with? Seems like a good trade for the first leg down anyway.
Been reading you a long time, made a few bucks along the way. Thanks.

Fleck: I think it's safe to be short to some degree, but you may have to be ready to be nimble until we see what the CBs do next.
(posted: 2/24/2020)


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