Monday, June 29, 2009

Position Update

Will be looking to close out all shorts here in the morning as mentioned last week as I am expecting more upside.


  1. stops set at high of day for all shorts. Keeping positions for now. Will decide by 10:00AM if this is setting up for a move up or go lower.

  2. I hate closing by hand, but closed out the puts. Still holding SRS/SKF

  3. stop being a chicken chaugsy. no reason to close anything out yet.

  4. yeah ... no volume and no negative TICK below 500 - after a long weekend. We are still in W4 per my count.

    When trading options I am very cautious and ONLY hold options if I get my exact confirmation. Other then that will try at a later time. Thats why I am still holding the other shorts. Yes I expect it to go a bit lower today but not by much and setup to rally to go higher. Will re-buy those same options again.

    1) go higher off 912 range -> buy when better price
    2) break 908, retrace back from 900 to 908 -> rebuy those same options (price will not the as good but I have confirmation)

    Again, when it comes to options for me, it has to be "perfect" - if its not get out and try something else =)

  5. as you can see now I closed out at the perfect time. New High tick for the day and higher tick then the low tick.

    I did not just close out cause I was a chicken =)

  6. so when are you getting back into the position chaugster? (or are you too scared to do so) : )

  7. hah yeah I am scared. As you know I do not like using EW as my only trade plan. EW says W2 will end soon.

    My other research shows more upside, by that I mean a possible new high. Will know more by today/tomorrow.

    I am still going to take my shorts in the target zone outlined here, but staying small in terms of size until we take out 910 SPX