Cashed My Index Shorts

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November 21, 2008

I’ve only been short for 3 days and those were a good 3 days to be short. Took my 13.4% in the SPX today. Unfortunately I got fooled out of my SDS and TZA buys this morning like a piker. It unfortunate because it would have been a huge day for those trades.

Luckily I have no control over trades at Rydex funds till 3:55 pm :D .

Be on the lookout for an intraday reversal tomorrow or a pop and drop type day. Things can’t stay this “frickn” directional forever. Macke said, what I’ve been saying for weeks, “The Shorts have had it waaay too easy.”

So you know the drill we took out the 10 year lows today on pretty much everything. The 2002 lows are dangling right there for the taking on some indexes while others broke em today. Another day like this and the Dow will test its 2002 low. The RUT has significanly more room to the downside to test its 2002 lows. SPX broke its 2002 lows. NDX has about 200 points more down and roughly the same for the COMPX.

I want to be a buyer at the end of the day tomorrow as I think there is a setup for next week.


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  • Jack

    I was long SSO Thurs and paid dearly for it…was actually up about 4% at one point but didn't cash in or even stop loss. Stupid I know… well all I need is a 5% jump in the Dow and I'm square. I'm hoping and praying for a rally because we're already at the level I thought would be a bottom (just a few weeks early)

  • http://www.stockrake.com StockRake

    A bear market rally is right around the corner. If we 2002 lows today and VIX spikes and makes a new high. You can bank on it.

  • Jack

    Noted and agree…I think I'll bulk up on my longs and see what happens monday.

  • Jack

    Noted and agree…I think I'll bulk up on my longs and see what happens monday.