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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.
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2 comments:

  1. AnonymousMay 5, 2011 at 6:07 AM

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

    ReplyDelete
  2. SteveKotelesMay 5, 2011 at 6:14 AM

    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.

    ReplyDelete