Covered some shorts this morning; SPX 1000 should hold

August 19th, 2009 10:21 am mylifemytrade Leave a comment Go to comments

When ES 976 – 978 held this morning, I got suspicious. Also, despite a good sized move down, some of the big names like AAPL were not in red – So I closed out all of my overnight Aug puts (for a decent profit) as well as all of my Sep VIX calls (at slightly better than breakeven).

This bounce is god’s gift for the bears – I added more short positions today – mainly in FCX & OIH.

ES 998.75 might well be the high for this move up before a nice sized down move starts. I am still expecting an intra-day reversal.

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  • HAL might, big if --go to 26, just a hunch__based on it's eanings call. IF I do see HAL at 26, that's where I'd short OIH
  • MLMT!
    you were right about gold stocks and I was wrong, the other day--
    What do you think is next?
  • IMO EUR/USD is due for some retracement, which means gold and gold stocks will go down in near term.

    Warm Regards,
    Ashish

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    sent from my mobile device
  • What we are seeing today is not what I had imagined. I did go long near close yesterday when my line-in-sand of ES 1007 was busted..I banked some nice coin on the big move up at the open...

    As for gold stocks, I think in the very near term we should see dollar strengthen pulling down equities and PM - but that pull back would be a nice opportunity to get in for a nice sized leg up.




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  • Mylifmytrade is a very uncommon name - not surprised that all the google results on first page refer to my blog.

    Warm Regards,
    Ashish

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    sent from my mobile device
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