Thursday, April 28, 2011

4/28 1:15

Silver just confirmed it's downtrend by breaking 48.00.  I'm 2% ZSL which is very volatile, so I'm comfortable with this as an alternative to futures.   The decline from Sunday's high was a 5 wave and I took a bunch of money out of that decline.  Last night and today I took 5 cent losses attempting to short but finally decided to tone down the leverage by buying ZSL instead.  Currently at 2% ZSL but will increase it as the decline develops.
The tide is going out on risk assets.   The DJI has been leading the pack up as traders became convinced it was relatively safe and were uncertain of the future.  Overnight DJ futures broke their 10-minute M/A by a 10-minute close lower than 37 points under the M/A.  Today DJ futures tested to the limit this M/A by a 10-minute close 37 points above the M/A.  That was the end of it.
The next step, before I expand my stock exposure, is for SP futures to have a 30-minute close .5% below their 30-minute M/A.

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