Thursday, May 20, 2010

5/20 9:31

Sold SDS at 34.78 bringing exposure to 0.  The complex of completed 5th waves in various markets and the 200-day M/A in DJI futures kissing prices has caused me to stand aside and await a bounce.
Currently flat all markets as they were all positively correlated.

4 comments:

  1. Steve

    Social unrest is rising in the city of Detroit. We could see riots here soon. Reminds me of 1968

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  2. Steve, exited my short position about 1080 in the S&P. How big of a bounce do you expect? Perhaps Friday or Monday? Then I1 sell signal so want to get back in before close on Monday.

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  3. DJD
    I expect a bounce to the 15-minute, 54-unit M/A, at least 1100 SPX. It will happen today.

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  4. Jack
    Detroit is the center of the deflationary universe right now. Racial stratification and high unemployment, a decimated housing market, disfunctional city government. What else can go wrong? The national economy was supposed to bail them out but that's not happening. I hope the federal government is happy owning GM and Chrysler. All of that overcapacity forces each auto manufacturer to keep downsizing forever. Bankruptcy liquidation would have been the way to keep 2 of the 3 afloat, but we have to save everybody (that's how politics works, you avoid the hard decisions and spew pap to the masses).

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