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  • CRUSHING the Market!

    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:

    Chris P's Track Record on Covestor

    Chris P's Track Record on Covestor

  • Market Correction Still Coming

    Posted on April 8th, 2010 3 comments

    Wow, I’m a bit surprised myself that the S&P has stayed above 1160 for this long, in fact it hit 1185 which was my high point. At this point (1185), I’ve decided to start shorting the SPY and build my short on the QQQQ, the further it goes up, the more I’ll short and wait for a correction. If the S&P hits 1230 before it hits 1115, all my bets are off and I’ll take the loss. I’m confident that will not happen.  Remember, the market is like an elastic, the more it stretches, the bigger the correction :)

    Also, I’ve liquidated all my gold stocks and ETF’s until the correction takes place. The only commodity I’m still holding it physical gold.

    It should be a great few weeks of trading for everyone following my lead. Enjoy!