Wednesday, August 19, 2009

Adding To EEV Long and SPY Short

There seems to be a head and shoulders formed on a 60 minute chart of the Spiders (SPY) which we gapped down thru the neckline and appear to be rallying up from underneath. There also seems to be a short term up trend line from July 31 which wasgapped down thru and we seem to be now rallying up to kiss it from the underside.

I am prepared to use this rally today to get short a 2nd unit of the sS&P500 tracking stock more commonly known as the Spiders, ticker SPY, here at $100.15. This will leave me 2 units short at $100.25

I also want to get long a 2nd unit of the Ultrashort Emerging Mkts ticker EEV here at $16.86 which will give me 2 units long at $16.81




Good speculating and remind them to please don't ever forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:
Long 2 units Ultrashort FTSE/Xinhua China 25 ticker FXP @ $10.58 stops @ $9.94/9.54
Long 2 units Ultrashort MSCI Emerg Mkt ticker EEV @ $16.81 stop @ $15.88
Short 2 units Spiders ticker SPY @ $100.25 stops @ $100.54/$100.87

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