I do not wanna get too excited about turning bearish here. The futures were down big earlier and have since recovered. There might be some upside pressure still left. I have 150 shrs long of FAZ which i will likely sell at the open.
good luck.
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Thursday, March 12, 2009
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4 comments:
good call to sell at the open...FAZ getting crushed...
that i actually got out with a small gain too but i am kicking myself for not riding this rally. it was bound to rally today. oh well.
I didn't participate today at all Stewie. It's funny when I've been waiting for this relief rally, it starts with huge gap and me with a blown stop on an early SKF long (which went from +400 to -2500) and then mostly a sideways Tues. (longed 2k SRS early got +2.5k back). Today XLF and FAS hit yesterdays support and ran all day. I didn't see any major participation anywhere else. Just a little up here and there and a whole lot of down on the inverse ETFs, which Trade Station doesn't allow me to short. That's a real pisser, because that's how I normally make money.
Looks like S&P 800 is in the cards. Looking for big volume momentum moves to trade my style. Most def. a reversal in the financials. SKF has blown through 4 levels of support in two days now.
i was eying BGU long on that monring weakness. i just KNEW it was gonna rally. hesitated for an hour and my risk/reward was gone.
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