Tuesday, March 17, 2009

Getting Short Financials

We look to be forming an inverted head and shoulders on the Utlrashort Financials ticker SKF. With a nice low volume pullback (right shoulder forming) from yesterdays high volume rally off the low (the head).

You could also view this on the XLF as a head and shoulders with today's rally being the low volume rise to form the right shoulder. The neckline looks to be about $7.90 on the XLF.

Based on this I am getting long 1 unit of SKF here at $136.55 with a stop at $132.91. I could be early but I am prepared to test the waters here.

Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 1 unit Ultrashort Real Estate ticker SRS @ $62.75 stop @ $58.68
Long 1 unit Ultrashort S&P500 ticker SDS @ $89.45 stop @$85.38
Long 1 unit Ultrashort Financials ticker SKF @ $136.65 stop @ $132.91
Short 1 unit Apple ticker AAPL @ $102.05 stop at $100.11
Short 1 unit Apollo Group ticker APOL @ $82.95 stop @ $72.54
Short 1 unit Microsoft ticker MSFT @ $19.20 stop @ $19.20

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