Thursday, May 5, 2011

5/5 pre-open

I'm currently 4% SDS, 4% QID, 2% TWM, 1% UCPIX, 1% SOPIX, 1% short ES futures.  Futures came right up to their 30-minute M/A last night and I got a piece of it. 
The count in the cash SPX, Russell, and Nasdaq looks like iii of (iii) in progress:

The DJI critical M/A envelope will confirm an intermediate downturn at 12,580.  Prices will often decline almost to the outer edge of the envelope and turn back.  Since today will be a down open I'll cover the futures short and some of the ETFs at DJI 12,600 and 12,590.


  1. Steve
    Would you consider adding to your shorts and if so were would you look to add?

  2. I'll increase the short exposure once we clear critical M/A envelope, below 12,580.
    Jack, the Russell is going to reverse a decade of religion surrounding small-caps.