I Tweeted SPX 912 Was Cover Spot

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June 25, 2009

I’ve been posting now for days about the levels of importance on the SPX. My bias has been wrong, but the levels are what matters. I covered my shorts at the 912 spot because it was slightly above the 911.71 which is a true level of importance. What happened at 911.71? We broke out and the market didn’t look back. Where did the SPX finish? 920.26. So overall that is pretty good analysis for a day to day basis. The problem for me is that my trade is locked in over at good ole’ Rydex till the end of the day. So I had to eat a nice loss over there. I wonder why I bother with them? Fees shmees when you can lose 10g’s in a day what’s the point?

Anyways I held my shorts over there, because I think we are setting up for a weekly sell signal. Now let me repeat this. I am jumping my own signals. Its wrong. Its not right to do. You should always wait till you have something before you have it. However, I’m trapped at this point. I’m looking for a little or a lot of down movement tomorrow to help the charts. It doesn’t look good for me I’m aware. If it doesn’t go my way tomorrow I’ll be covering.

I did cover my TZA, FAZ, SRS, and SDS at that 912 spot. Some things like FAZ and SRS had profits (not much) while SDS and TZA both had losses due to my horrible buy points in TZA. SDS wasn’t so bad at around 3% loss while TZA was 5-6% Leaning towards 6% by the time the trade executed.

Laptop is back up and running, barely.