Were You Prepared for the Recent Market Sell-Off?
by Mike Paulenoff
October 16, 2018 • 12:00 AM EDT
If your answer was no, you were not alone.
But members of MPTrader were prepared!
Mike Paulenoff, host of MPTrader.com's live Trading Room, had model portfolio positions in the Direxion Daily S&P 500 Bear 3X ETF (SPXS), the ProShares UltraShort 20+ Year Treasury (TBT) and the Direxion Daily Gold Miners Bull 3X ETF (NUGT) ahead of last week's seismic market moves!
The SPXS gained 17% at its high last week over the previous week's close, and +15% from where Mike added it in early September. The TBT gained 8% from when Mike added it September, and NUGT rose 22% in the week since Mike added to the position on October 10.
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Last week he added FireEye, Inc. (FEYE) at 15.80, bullish on cyber security, which is already up 10%.
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More Top Calls From Mike
In his MPTrader room this past Monday, Mike Paulenoff highlighted the upside potential in Grayscale Bitcoin Trust (GBTC).
With GBTC at 13.01, he wrote that it was "pushing up to test its prior rally peak at 13.03 (10/13), which if hurdled and sustained, will point GBTC towards another confrontation with its 14-month resistance zone between 14.20 and 14.70, where powerful upside potential could be unleashed."
By Wednesday GBTC reached as high as 14.49, and went on to hit a multi-month high of 14.
In his Trading Room this past Tuesday, Mike Paulenoff told members to expect more upside in PENN National Gaming (PENN).
With the stock trading at 67.16, Mike noted:
"My pattern work suggests strongly that PENN ended its most recent bout of weakness off the 75.24 high into today's low of 63.58, which is part of a larger-developing high-level bullish digestion period. As long as this AM's low at 63.58 remains intact, PENN's set-up points higher ... towards the 73.
Back on September 22, Mike Paulenoff alerted MPTrader members to a maturing two-year accumulation period and pattern in Beyond Meat (BYND), noting:
"BYND is pushing up towards a test of its year-long resistance plateau that spans from 160 to 168, which if hurdled and sustained will trigger significant upside potential that projects to 235-250, and thereafter, possibly to 280-300. If BYND does take out 165 on a close, then my sense is that Q4, 2020 will be a very powerful period of higher prices.
Back on Sep 16, Mike Paulenoff told MPTrader members that Sonos (SONO), the under-the-radar, work-at-home speaker company, had triggered initial buy signals.
Mike explained that the stock, which was trading at 14.35/36 at the time, had climbed above its up-turning 10 and 17 DMAs, in route to a challenge of the "flattish" 50 DMA, now at 14.75.
He wrote: "The recent low at 12.40 on 9/04 represents an exact 50% retracement of the major upleg from the March low at 6.58 to the July high at 17.
In his Trading Room on Friday, Mike Paulenoff highlighted a trading opportunity in Penn National Gaming (PENN):
Mike wrote: "During the past week, PENN has been in the grasp of a corrective process (no doubt exacerbated by the announcement of a secondary offering on Thursday morning). The correction has pressed PENN into important support at 62.00 that extends down to 57.60, and includes the up-sloping 20 DMA, now at 62.06. As long as any selling pressure is contained above 57.