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Looks like this years drawdown down was fast enough and deep enough that it has forced us into the summer listening to bears calling for weakness.
Just for a minute forget price levels doesn’t it “feel” a lot like June 2020 with all the bears saying “too far too fast” “breadth is showing the weakness underneath”.
If you are a paid subscriber I shared some charts in chat this week highlighting XLK go read those.
Current Open Equity = 27.6%
Stop Loss Trigger = 24.8%
Current Closed Equity Return = 25.1%
Our open equity outstanding is ~28% since we started in Dec ‘23. We have been able to capture ~25% returns in closed trades, meaning ~3% open equity still belongs to Mr Market. Until we close the trade it doesn’t yet belong to us!
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