Tuesday, September 28, 2010

9/28 11:15

The market opened down at traded 56 points below critical support.   I traded out 4% SDS and in saving 16 ticks, but added to my short ETF position at SDS 29.68.   I also traded out and in SP futures saving 1.25 points getting short at 1135.
I'm treating this like it is the downwave that will take out critical support down to 10,640.  Therefore, instead of waiting for a big, bad rally off of the 5-minute, 380-unit M/A I'm trading for a 61.8% retracement of the decline.
Lots of resistance at SP futures 1137.  Placing stop at 1139.

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