Wednesday, April 14, 2010

Went short

Just took a short position via ES and SPY puts. Tight stop as always but 1204 is an important barrier and we should have made a higher high here.

This should not resolve in a stepping day even with the GAP higher.
Posted by chaugner at 10:12 AM

10 comments:

  1. chaugnerApril 14, 2010 at 10:40 AM

    well that did not work. Based on the price action we are seeing here I do not expect much profit taking, let alone any type of serious selling.

    Just cut position by 50%, will let the rest run with stops a few points above high. Will not add today but may close out the rest by hand.

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  2. chaugnerApril 14, 2010 at 11:18 AM

    too much sideways action, this is begging for a marginal pop higher before any type of selling will occur. I would say around 1206.30-1206.85 as the high and then close above todays high. Based on price moves thats the most likely scenario for today.

    OF course not counting out a close below the open but it should be marginal and best case is a gap fill attempt with recovery off the fill. Even then bullish.

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  3. chaugnerApril 14, 2010 at 12:35 PM

    almost ... one more pop and we should be done with upside.

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  4. chaugnerApril 14, 2010 at 12:35 PM

    there it went ... lets see if this is the HOD

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  5. chaugnerApril 14, 2010 at 12:37 PM

    1206.35 lol .. come on market make me proud.

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  6. AnonymousApril 14, 2010 at 4:14 PM

    you are a horrible trader chaugsy. go back into retirement. you realize you can actually go long and make some $$. i guess you enjoy being poor.

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  7. chaugnerApril 14, 2010 at 4:23 PM

    @ Anonymous "you are a horrible trader chaugsy. go back into retirement. you realize you can actually go long and make some $$. i guess you enjoy being poor. "

    thanks for the valuable feedback. Its great having readers such as yourself that add real value. Maybe use some of the old saying "if you have nothing valuable to say, why even speak up?"

    ReplyDelete
  8. chaugnerApril 14, 2010 at 4:25 PM

    and if I am so horrible as you say, why do you even come? Just to mock me? Trust me I can take it, don't you worry, but what does it say about yourself?

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  9. AnonymousApril 15, 2010 at 12:24 PM

    Ignore him Chris... anyone that is anonymous and just giving crap isn't worth anyones time.

    -Kat

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  10. chaugnerApril 15, 2010 at 12:56 PM

    thx kat =)

    I am still short with my remaining 25%. Was very tempted to add more today but held back. I know I have been very short in my posts and do not always post my reasoning. But you may remember my chart back in jan about targets.

    http://chaugner.blogspot.com/2010/01/targets.html

    Here is they pic as a summary ...

    http://1.bp.blogspot.com/_hE3pp93emY0/S0NgwnZ58LI/AAAAAAAAAZc/KTpimLOW8NU/s1600-h/inxdaily.GIF

    Back then we identified 1217 as the upper target and that was my reason to initiate my short yesterday, main reason why I took some off is that I had to be ready for the push towards that price range on SPX so I wanted to be able to get a better avg on the short position. So now only 25% committed on my original size a tiny bit underwater but not enough to worry. Still waiting for one final push up towards 1217-1225. Otherwise will add on break of 1195.

    We will have to see how the remainder of the day will develop. We are seeing some profit taking but its isolated, not enough to really indicate any change. This here is looking corrective still until we take out 1200 then we may see a bit more pressure - but until then I am staying nimble.

    ReplyDelete

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