Thursday Update: Good Riddance Earnings Season

BABA reversed Long at yesterday's close. The previous Short lasted just 4 trading days. A show of strength? BABA released earnings this morning, gapped up and then lost all of its gain. FB beat earnings yesterday and after a brief spike tanked today. That's why earnings are such a dangerous foil to what is otherwise a very good trading system. Which brings us to the other good news: Earnings season will end soon and we can be pure trend followers again.

Bitcoin Corner

The spectacle that is Bitcoin continues to romp. In less than 48 hours the newly put on Special Situation, GBTC,  is already up close to 15%. Alas, no options on this ETF or we would be kings. 

Short-Term ("Prime") Traders

We a result of the new trailing profit-taking stops the portfolio is down to just 2 out of 8 active positions. Expect new reversals in the days ahead, or in the alternative, re-entries into strong current trends. TSLA is a perfect re-entry example as it would have worked well even without today's earnings debacle. 

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