Thursday, June 18, 2009


ES @ 917.25

Mental stops for now. Waiting to add more as we run towards 927 SPX


  1. another limit short @ ES 920 (another 50%)
    stops for entire position @ 923

  2. if above order fills will be 60% committed on the short side. Leaving 10 points wiggle room on the upside before I either hedge or scale out/close.

    We have the luxury of having a really tight risk level here. A break of 930SPX will bring us higher and will make a new high on SPX with a target of 1014 by first week of July.

    If not, well, it seems 887 first, then back test 918 before making a substantial run lower.

  3. Loos like a all bearish blogs are looking for spx 924-927 to buy shorts. we may have seen the HOD or may break 930? OPEX days

  4. yeah thats why I got my first chunk a bit early just in case. Second order is still at 924SPX and stop currently at 927SPX.

    I may move the stop based on what I am seeing. Right now its just there for the piece of mind (and no entry without stops). Once the second order fills I will move based on price and volume moves - so its not set in stone.

  5. would really like to see a close below 916 but I doubt it will happen. Bounced of VWAP and still above 92.36 level.

    Holding RIM short into earnings with an 8% buffer here. Was considering some calls for insurance but the position is small enough so its ok to be taken out.

    If RIM earnings are good, I will considering lightening up on my tech shorts and possibly add more hedge after hours.

    Will have to see what happens at 4:00PM today.

  6. RIM got cleaned. down 4% AH. should gap down friday

  7. keeping all shorts. Canceled the other limit order and moved stop on the short to 918.25 for overnight moves. I know its a bit tight but I did not get the 5 point close I was looking for.

    There was quite a bit of strength in XLF and IYR into the close so I am sitting tight before committing more cash.