Update 10/25: Exiting Trade: While the position profit was as high as 6% that has pulled back to 3%. NOK is hitting weekly highs and our market scan of the NASDAQ and other indices shows signs of weakness. Therefore we are cashing in for a modest profit.
On October 3rd we posted that our algorithms exited all positions and rolled into cash, which turned out to be a good call as this happened just before the start of the market turmoil as a result of the news out of Washington. While the subscriber portfolio capitalized on the volatility, we tweeted a warning the next day to all our followers:
As we’ve said before, we don’t particularly like going short, but shorts were the only opportunities that our algorithms were identifying. It has taken nearly 7 trading days for markets to resolve themselves, and we are only now starting to see algorithmic opportunities to go long.
Nokia appears to be well into the middle of a short squeeze and the stock price has risen on little news. After the stock corrected this week our algorithm went long at the open this morning where it subsequently broke through its $6.79 pivot.
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