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  • Sitting on the Sidelines

    Posted on February 18th, 2009 No comments

    It’s not often that I sit on the sidelines, but after cashing in on a short with Netflix and a long with Silver, the sidelines is where I’m sitting. I’m looking for a huge drop in the S&P early Wednesday morning so I can take some long positions in GE or DOW. It’s mandatory that I see a violent drop early in the morning, or else all bets are off. I’ll also be picking up shares in SLV and GLD on every pullback. Here is a breakdown of what I’m watching…

    • I’ll be buying GEĀ around $9.80 in premarket or first hour.
    • I’ll be buying DOW around 8.10 in permarket or first hour.
    • I’ll be shorting NFLX around $39.00
    • I’ll be buying SLV around $13.50
    • I’ll be buying GLD around $940

    That’s my game plan right now, and that’s only for February 18th. The charts change daily, so obviously none of this applies for me after mid-day on the 18th. Happy trading!

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