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

    Posted on March 29th, 2010 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!