How To Trade Against Your Opinion: PreMarket Prep Recap For Feb. 12, 2020

For the past few weeks, PreMarket Prep co-host Dennis Dick has been uncharacteristically bearish as the coronavirus has continued to spread, even going as far as buying insurance via put options in his long-term portfolio.

But bearish as he is as an investor, he’s found himself buying stocks every day in his trading portfolio and taking positions long overnight.

"Why am I long if I'm bearish? Because the market is telling me that [the coronavirus] doesn’t matter," he said. "It's the type of market that makes no logical sense, but you can’t trade logic all the time. Sometimes you’ve just got to trade the tape in front of you. And in this market, it gives me no technical reason to be short. You've got to be able to trade against your bias sometimes.

"In this market, despite my bias, it’s better to stay a little bit long because it seems like that’s where the alpha is coming from right now."

To see the full discussion, click here.

Other Stocks Discussed On The Show

Some of the stocks also discussed include, with technical levels provided by Co-Host Joel Elconin:

Featured Guests

• Microsoft CorporationMSFT (click here)
• Shopify IncSHOP (click here)
• Hasbro, IncHAS (click here)
• Lyft IncLYFT (click here)
• Bed Bath And Beyond IncBBBY (click here)
• CVS Health CorpCVS(click here)
• Cyberark Software LtdCYBR (click here)
• Teva Pharmaceuticals Industries LtdTEVA(click here)
• Teva Pharmaceuticals Industries LtdTEVA(click here)
• Enphase Energy IncENPH(click here)
• Wynn ResortsWYNN(TSLA)(click here)
• Micron Technology, IncMU(click here)
• Beyond Meat IncBYND(click here)

Greg Weldon, Weldon Financial

Greg’s pedigree includes a trial-by-fire introduction to the industry spending three-years as the point-man in the COMEX Gold and Silver pits for one of the largest COMEX Gold and Silver floor brokers of the 1970s and ‘80s, Stanley B. Bell and Company. Greg left the floor upon the introduction of US stock index futures and international bond futures markets in Europe, and went to work as an institutional broker for Lehman Brothers. In 1997, Greg started Weldon Financial, and launched "Weldon's Money Monitor", and "The Metal Monitor", products that have more recently evolved into the all-encompassing "WeldonLIVE (with TradeLAB)."

Greg has successfully navigated some of the most treacherous markets in history, most often guiding clients into macro-market trends and profitable trading strategies, repeatedly, year-after-year, over the 18-year history of producing top-shelf, thought-provoking, global-macro market research.

Greg’s full interview can be viewed at 39:05 in the video below or by clicking here.

Watch the full show or listen to the podcast below.

PreMarket Prep is a daily trading show hosted by prop trader Dennis Dick and former floor trader Joel Elconin. You can watch PreMarket Prep live every day from 8-9 a.m. ET here. The replay can be found on Benzinga's YouTube channel, and the podcast is on iTunes, Google Play, Soundcloud, Stitcher and Tunein.

Meet the Hosts:

Dennis Dick
Joel Elconin

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Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.