Friday, October 8, 2010

10/8 Daily Commentary

The 4:00 SP futures 30-minute close was 1161.00.  I1 peak day at the close.  I'm staying short SP futures 1% and bought another 6% SDS at 28.31 at the close.  This is the maximum exposure until the 5-minute, 370-unit M/A is broken, which would theoretically occur at 10,794 cash DJI.  I'll be using the DJ futures equivalent which will be moving up over the weekend.  Currently it's break point would be Dec. DJ futures 10,698 but, as stated, this value will increase over the weekend.
I am short SP futures and crude futures, and am long DX futures, all 1% of capital (or closest I can manage it).  Also I bought 2% more SCO at the close (12.39) bringing me up to 4%.  Long 5% UUP the long dollar ETF.   A continuation of reflation over the weekend will hurt me a bit, as all these positions are strongly correlated to this psychology. 
I'll post again this evening when the internal data gets pulled in for technical composites.
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4 comments:

  1. CJOctober 8, 2010 at 1:18 PM

    Steve, check this out:
    http://www.economicpolicyjournal.com/2010/10/bernanke-tells-truth-united-states-is.html

    ReplyDelete
  2. PeterOctober 8, 2010 at 1:23 PM

    Reflation is on a rampage, what within I1 can turn this within a weekend?

    At least currencies did not participate in todays rally so it seems dollar stopped heading up prior to currencies.

    ReplyDelete
  3. CharlesOctober 8, 2010 at 2:19 PM

    Steve,
    Just a heads up; we did get our S&P sell today. Previously we had the EFA (developed international) and if i remember correctly copper, gold and euro too.
    Have a good weekend,
    Charles

    ReplyDelete
  4. SteveKotelesOctober 8, 2010 at 2:32 PM

    Eastern,
    I'll post a reply in the Weekly.

    ReplyDelete

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