Thursday, April 8, 2010

4/8 10:00

Yesterday SPX declined beneath my first level of support, OKing an increase in short exposure, which I did at the close buying another 5% SDS 30.25.  I will do nothing more until DJI breaks 10,800.  Currently, I expect a small bounce back to yesterday's close, which would be a good shorting opportunity if I had not already increased by shorts to 12.5%.  Breaking 10,800 will allow me to increase exposure to 25%.
So, the progression is:
1)  I1 top day sell strength to 7.5% short.  I finally got in Tuesday instead of Monday, having been stopped out once.
2)  Sell 5% more when SPX 15-minute, 54-unit M/A is broken by more than .56%
3)  Sell 12.5% when DJI breaks 10,800.  I will immediatedly short another 5% and will look for a rally to increase the other 7.5%.

2 comments:

  1. Steve
    What i meant to say is should someone with a longer term outlook stay short now until 6/8 I1 bottom

    ReplyDelete
  2. Quite a bounce today. Where is your stop?

    ReplyDelete