ZSL Long Triggered, Out Of LOGI For 6%

Today my ZSL long triggered at $19.34 and currently the position is underwater with today’s close of $18.82 however, this long is still in play.

The 50 and 20 MA’s are still trending higher and my price target for the next week or more is $23.

SLV had a huge rally on an extremely weak dollar. It looks like the Fed is making the last two days of POMO worthwhile as they absolutely whipped the dollar today which is why we saw precious metals sharply off of the lows. I still like the ZSL short here as long as silver stays below the 20 MA. If it closes above the 20 MA, then the play is off of the table. Downside target remains the same, $30.50 – $30.60. This level could potentially be a long term bottom in silver. I’ll discuss this more at a later date and will likely go long AGQ when that happens.

I took 6.2% off of LOGI this morning as it reached my target of $11.05 just beneath the gap fill of $11.10 from last Wednesday. The stock ran higher afterward before stalling out but once it reached my target I did not stick around for the ride. This was a weak stock in a confirmed downtrend and I only planned on holding it for a one day bounce regardless. The level I put out worked like magic and I’ve since pocketed the profits and walked away. LOGI might reach the second target of $11.70 if the market floats higher again tomorrow but whether it does or not fails to concern me in the slightest.


Last Week’s Winners, Long & Short Ideas For This Week

Winners from last week:

FAS – Entry 6/20 $23.09 exit 6/14 $24.46 = +5.7%

QLD – Entry 6/21 $ 79.75 exit 6/22 $82.81 = +3.7%

TZA – Entry 6/22 $38.04 exit 6/23 $40.86 = +7%


I like ZSL for a short this week if SLV can get back to $33.20 – $33.50.

I like the short side value SLV has a $33.50. From this area, it would be 9% away from the downside target on SLV of $33.60.

You can use ZSL to short SLV to maximize profits. 9% x 2 = 18%. With SLV at $33.50, expect ZSL to fall to at least $19.50 which would make the upside target about $23. There is a nice pivot at $23 and a big gap to fill just above that area but you can bet I will have unloaded before then. Adjusting for entry and exit, you should be able to make at least 15% of off this. Stop is a confirmation above $34 on SLV.

I put out my entry of LOGI at $10.37 on Twitter today and will continue to use it to disclose entry and exit points intraday. Though this is a weak stock that is in a downtrend, it just tagged the resistance level that it broke out of in March 2009 after the financial crisis. Obviously, this is a long term support level and should be good for at least a small bounce.

Again, this stock is in a downtrend and carries a little bit more risk than normal, but going into today it was very overextended from its 20 MA and it also pierced that 2009 low this morning before rallying about $.25 higher near the flatline for a slightly negative close. It has a gap to fill at $11.10 which is the first target, and could potentially rally to the 20 MA around $11.70 but I won’t be holding it that far unless it gaps much higher tomorrow and stages a robust reversal. If that isn’t the case, which is what I am expecting, then I’ll probably be a seller at $11.05 for a gain of $6.2%.