Sold SDS, Sold Index Shorts, Reversed Slightly Long

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June 17, 2009

I didn’t post last night, but I went short the NDX and SPX yesterday at the close. Looking for my levels we got the automatic test of 907-903 range with the break of 919 yesterday intraday. That is where I went long SDS as well. I sold that this morning too.

I was heavily short last night, and swapped 50% to cash and 50% long SPX which will get priced at 10:45 open. I’m looking for an intraday reversal due to too many levels clustered at the lows and the volatility indexes spiking. If my scenario comes true, its not a long lasting rally. I will probably reshort it at the close.

For the levels I’m referring to, refer to this post:
http://www.stockrake.com/spx-opened-1-penny-below-my-level-to-be-bearish~2009~06.html


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