Placed a short position of the S&P index right when it touched the 911 levels. This short position was placed because I do not feel that the market is ready to make a new bull market especially with all the fundamentals that’s really telling a different story.
This is also evident on the daily chart when the market failed to break the long term green downtrend stretching back since October 16, 2008. Even though I placed a short position today, I am still not a 100% bear yet. The market is still in a very indecisive mode and the war is still very much even between the bears and the bulls. The bulls are still very strong especially around the 875 level, evident from the actions in the past 9 days when the bulls fought hard every time the S&P touched the 875 level. So unless the 875 level is broken this market is still anyone’s game.
I shorted the S&P as close as possible to the down trendline to minimize my risk just incase the market does decide to go bullish. Will look on the next couple of days’ price actions to readjust this trade when necessary.
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