Tuesday, October 21, 2008
Getting Shorter the S&P500
I have posted a 60 minute chart of the Spiders, ticker SPY (chart above), the tracking stock for the S&P500. Sometimes a shorter duration chart can be valuable as a barometer of the short term health of the market, which my preferred daily and weekly charts cannot. As my notes on the chart indicate this 2nd rally up in the pennant looks to be very tired and seems to be rolling over. $99 should contain any rally with a move above that implying a test of the upper boundary about the 103 level.
I was just filled on my order for a 2nd unit long of Ultrashort S&P500 ticker SDS at $90.70
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
Long 2 units of Ultrashort S&P ticker SDS @ $90.60 stop $84.34
Long 1 unit Japanese Yen ticker FXY at $97.15 stop at 96.72
Long 1 unit of Ultrashort 20yr TBond ticker TBT @ $60.10 stop at $60.19
Long 1 unit of Chicago Bridge/Iron ticker CBI @ $11.55 stop at $11.79
Short 1 unit Salesforce.com ticker CRM @ $56.05 stop at $42.12