Tuesday, March 16, 2010

3/16 Daily Commentary

Bought 5% DXD double-short DJI at the close 27.29.  The FOMC distorted wave counts and time is running out on 3/19.  Also bought 2.5% SKF double-short financials at 19.88.
Stop loss at DJI 10,746.
FOMC rallies where the statement is no-change are good shorting opportunities.  Normally the rally peters out after 45 minutes but this one lasted into the close.
The stock market had a good enough day that the technical composite should have gone to a mouth-watering -24.  If so (and I will update this post after 6:30 EDT) then I will shut off my brain and short up to 15% on ARCA.  Right now I am 10% short.
Gold had a good day, up $20 in the spot market, and this helped stocks.  Specs opened up their pocketbooks yesterday and today in anticipation of the monumental (yawn) events emanating from the Fed.
I'll publish more graphs after 6:30 EDT, but now I have software to write.

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