Still Short Market Now Acting Correctly

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August 19, 2010

When I posted last Friday, that the market is oversold and I don’t care, I should’ve cared. It would have been a lot better for me to have waited that one day for a relief of those indications to place my shorts. However, I didn’t. Today the market acted correctly though. Since we are now exhibiting bearish setups in the market it is acting more bearish.

I remain short via 2x funds. I bought yesterday EDZ, FXP, and TZA. However, I sold TZA near the bottom today with the RUT below S3 and very oversold. At the close I bought more EDZ and took a fresh position in FAZ. I also still have EGO which I will trade according to plan.

Stocks are getting cheap, but they will get cheaper


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  • Bill

    The oversold bounce was extremely weak. Only hit my minimum price target and ended 2 days earlier than it “should” have based on historical pattern match. This market is acting sickly…

  • http://www.stockrake.com StockRake

    as planned….they made it questionable on Monday, scary on Tuesday, and confusing on Wednesday. Then on Thursday they kicked the tires and lit some fires.

  • Bill

    They panicked the shorts with this Merger Monday crap and now let’s see if it rolls like it should. It appears the SOX is already rolling…