Thursday, August 6, 2009

Short the S&P 500

We have a potential bearish engulfing day occurring today on the daily chart of the Spiders, which is the S&P500 tracking stock, ticker SPY. I say potential because yesterday the market was down about 100 on the Dow only to finish well off those lows.

I am punting the Spiders short via the proshares ultrashort S&P500 ticker SDS here at $46.45 with a stop at $45.17

I will try to get a chart up post haste.

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 1 unit US Gold ticker UXG @ $3.05 stop @ $2.68
Long 1 unit Ultarshort S&P500 ticker SDS @ $46.55 stop @ $45.17

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