A sixth straight down day in the markets is overall bad news, but the market never goes straight up. In the downtrend, CCI continues to try to save some money via its short game.
Today's news that triggered a mini-panic was from DC where the Senate did not reverse the movement towards more regulated (i.e. lower) bank fees for debit/credit cards. CCI is not trying to comment on the pros or cons of this direction, just that it was bad news for the banks and financial stocks took a big blip down today.
CCI effectively day traded one lot of a double short financials etf (SKF) to a .8% gain while the momentum on these stocks was negative today. Obviously, by itself this is not a huge impact on the portfolio. However grinding out a little green on a down day does add up over time.
YTD - CCI is now 4-0-1 on day trading double short etfs.
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