DJ futures were up overnight and traded more than 20 points higher. Sold SDS and DXD on ARCA at 8:00 SDS at 32. Waiting for cash session on SKF and DXD because they are not liquid on ARCA.
Now I have to wait for the support break at SPX 1136.30.
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i didn't close my position yet as i suspected we might see a selloff at the open. so far so good, although this is just a gap fill at this point. with the consumer sentiment data coming in 15 minutes that will probably rule the rest of the day.
ReplyDeletemy stop is set at S&P 1155 level now.
-erik
Prices declined to 10,600. I got out of my short ETFs near that point but am waiting on S&P cash 1137.80 at this point. Bottom close next Friday.
ReplyDeleteif we regain 1150+ near the close i will close all of my positions. i am tempted to do so now but that is just emotions getting the better of me. i have to stick to the plan, always.
ReplyDeleteon a wider scale, the action is very similar to the double dip in 1980-1983, both technically and fundamentally. if i am right on the 1980-1983 comparison then we are in for a move down to the 200 day MA in the next 2 months, and we have bearishness ahead for the next year.
today is going to be stressful...
Hey Anonymous,
ReplyDeleteWhat system are you using for going short here?
what do you mean by bottom close next Friday? i figure a close today under 1145 is very bearish near-term, and the signal that makes me feel really comfortable in my trade is a drop below the 1129 low on Jan 29th.
ReplyDeleteDeMark indicators, i am anticipating them flashing a weekly sell signal this week in addition to the monthly sell signal already issued. i try not to trade via day patterns because i am too emotional with them and phony government numbers are too frustrating. i am in June'10 put options and Jan'11 put options so my time horizon is much longer but what happens at critical points such as 1150 merits my complete attention!
ReplyDeleteAnd DeMark daily indicator flashed a sell signal yesterday too for the S&P 500.
ReplyDeleteIf today closes above 1144.98, then we will have a daily sell signal, weekly sell signal, and monthly sell signal issued. That is powerful near-term. DeMark is not perfect, but I have yet to see this type of symmetry in the signals from it.
Steve, Guess you got squeesseddddd out. Now what will you do if we get a big drop at the close or Monday. Do you have a true conviction that this is a bull in a bear market? Does this throw off your timing in your intro. prodictions? Different anonymous.
ReplyDeleteAnonymous,
ReplyDeleteTried to answer your questions in the Daily Commentary.