Posted on May 11th, 2010 No comments
Crushing the market is exactly what I’m doing. If you’ve been following my blog, you’ll remember me saying this…
The only reason why I’m shorting at this point is because I’m looking for a 50-75 point correction, nothing more. There is a small chance that we can go up to 1220 on the S&P and face a 100 point correction, but I find that highly unlikely. My bet is at 1175-85.
As you read from my March 29th post I started shortin the QQQQ’s and SPY’s at 1175 up until 1225. I had my stop placed at 1230 and my last short sitting at 1220 as stated here. If you listened to my exact words, you would of been running to the bank on Thursday! I’ll be honest though, calling the bottom was near impossible. I’ve never witnessed a single day where we blew past the 50 and 200 day moving averages on the S&P. I exited my QQQQ/SPY shorts around 1144 on the S&P.
Here is a little snapshot of the huge success as recorded by Covester:
Posted on May 4th, 2010 No comments
As I told everyone here: Market Correction is Coming. The VIX is off the chart once again and the S&P has plunged more then 40 points from its high, almost in 1 day. I must say, they definitely made us sweat near the top but if you stuck to your stop limits you should be in the money. I’m looking for support levels near 1168 and 1144. I would take positions off the table at both those points and start looking to become a bull around 1100 – 1125.
I hope this helps everyone, happy trading!