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  • CRUSHING the Market!

    Posted on May 11th, 2010 Chris P. 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:

    Chris P's Track Record on Covestor

    Chris P's Track Record on Covestor

  • Correction in Progress

    Posted on May 4th, 2010 Chris P. 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!

  • Market Review: I’m Shorting QQQQ (Nasdaq)

    Posted on March 29th, 2010 Chris P. 1 comment

    In the last few weeks I’ve become completely liquid in gold, equities, and basically everything. The only stock I’m holding is POM (Pepco). POM is not a day trade for me, its a long term hold which I won’t look at for many years. When an old timer stock pays a 7% dividend in this market, you hold hold hold!

    Now for the market, I’ve sold off everything around the 1175 on the S&P. I really don’t see the market surpassing 1185 until we go back to 1100 first. In fact, I’ve taken a small short position on QQQQ (Nasdaq index). If the market continues to move up, I’ll continue to build my SMALL short on QQQQ while I wait for a correction. It’s important to mention that my overall status is still a bull. 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.

    Happy trading everyone!