Thursday, May 5, 2011

5/5 6:30am

As stated at 8:00 last night I entered orders tracking the SP 30-minute M/A and shorted ES futures at their 30-minute M/A at 1348 last night.
I exit the ES short and most of my short ETFs when cash DJI declines to 10,600.  This is just 20 points away from the critical M/A envelope.  If DJI hits that level and keeps declining below the envelope I'll re-enter shorts.

I got out of ZSL in ARCA but silver declined in what should be it's final wave of a 5 down.  I'll wait to short again on the retracement.
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4 comments:

  1. AnonymousMay 5, 2011 at 5:28 AM

    Steve
    What do you make of NASDAQ? Could it be leading?

    ReplyDelete
  2. AnonymousMay 5, 2011 at 5:32 AM

    Steve

    Well that answers my question. Down we go.

    Jack C

    ReplyDelete
  3. SteveKotelesMay 5, 2011 at 5:35 AM

    I don't think Nasdaq is leading this decline. It appears broad-based. SP and DJ futures have declined below yesterday's lows while ND are not quite there yet. Russell is getting shredded.

    ReplyDelete
  4. AnonymousMay 5, 2011 at 5:46 AM

    Steve

    My biggest short is the RUT, yaaaa. I'm thinking we are going to get a 4th wave correction on the RUT around 810.

    Jack C

    ReplyDelete

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