Thursday, June 11, 2009

Short 50% via futures and SKF

Will add SRS on pull back. IYR has broken down too much already. XLF at key resistance while S&P made new high.


  1. have some more limit orders for futures at 956-957 S&P

  2. Sold KV/A at 2.98 this morning for a 50% gain.

    Just bought HBAN @ 4.28 and more FIG at 4.03.

    We ain't done going up IMHO.

  3. yeah definitely looking like it wants to make a move higher here. Kind of hoping its a double top =)

    It is looking more and more like a stepping day. We bounced off the previous steps range to retest the new steps upper range again. Very possible to continue on the upside and rally into the close.

  4. Don't let me talk you out of your shorts. The setup is def there for the risk/reward. I'm just sticking with the plan of going long until it stops working -- for more than 2 days at least.

    for the day traders out there, I'm seeing a little bullish wedge forming on the 1-min

  5. I also really like the setup on IO, just bought some at 3.18

  6. take a look at the lower edge of the ascending triangle on the entire cash day today. It bounced right off there. This point also happened to be the top it was trying to breach. So 2 strong patterns there. AND another head and shoulder too, again good setup, left shoulder high volume, head medium, right shoulder even lower volume.

    FYI: this is called pattern sickness, you can always find something to support whatever view you want =)

  7. when you say two strong pattern do you mean bearish paatern or bullish?

  8. I'm assuming a close over 950 on cash would be very bullish, no?

    Then again, why do I bother making any assumptions in this market.

  9. descending triangle now .... not able to retest the previous top. Moved 50% stops just above the middle top (in the money). Other 50% a tick above HOD.

    So if both get taken out I am still walking away with a tiny bit =)

    [waves hand] "this is not the sell of you are looking for"

  10. well exited all by hand here. Sigh. Wanted to take home those few points.

  11. looks like we'll have to wait till the usual 2:40 mark before Ms. Market tips her hand. (yawn)

  12. tomorrow one more attempt to touch 947, 954 or even 964. after that it is down hill folks.

  13. well it seems even taking a small break was not enough to remove the emotional stress this market has brought me.

    Had great entries, great stops to protect me at exactly the right price (1/4 pt off the middle top - it came within less then one point of triggering it if I had left it) - yet I closed out by hand. Not really sure why. I knew the risk I wanted to take when I went into the trade - and I did it, so why did I close out?

    I do not know - questioning myself, being frustrated, just trading like a beginner again at times.

    I used to consider myself a decent trader, but lately, really, its been just one "laugh" after another when looking at my trade log.

    - Quite a bearish close today (Nice looking shooting star after the market attempted to make a new high)
    - No new high on XLF
    - IYR broken important support trendline
    - AAPL showing continued weakness and was not able to retest the high of yesterday

    All the signs for further weakness.

  14. Hey, I did the same thing in early march when I sold out FAS, BAC, sso etc. It is human nature. That is what makes EW wave. At least you made some money and like you said there is always an entry. why worry about the perfect entry. Tomorrow I intend to cash in mu puts if gap down. Look for better short entry later.