http://www.stockrake.com

Yesterday’s plan worked out great yesterday. Short into the morning and then look to reverse knowing the market would reach an oversold level. Then go long if and when the SPX reached those lower levels posted. I didn’t post this plan here ahead of time, but I did talk about it yesterday at the close with trading friends and today the market acted exactly in that manner. Its a satisfying feeling when things go right.

So I was heavily short and flipped this morning long (selling the SDS, and going long SPX) netting gains on the short end and then on the reversal.

So where is SPX now and what is it going to do next? Sort of in limbo here. Likely higher tomorrow though, then lower on Friday.

I bought UNG today. I really like UNG here and talked about getting interested in UNG days ago. I sold my utility position in AEE and XLU. No technical reason they remain on buys, but they suck at movement.

Index money is in cash, waiting for the markets to make their next move.