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Staying 25% Short for Swing Trade Only from Monday's Close


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#1 inamosa

inamosa

    Patterns-based Trader and Investor in ETFs and Futures

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Posted 06 May 2009 - 08:06 PM

Anyone else? Didn't close my position today...I will stay short for now from Monday's close, where I initiated a 25% short swing position I'm nicely hedged here regardless with my natural gas and miners...as market manipulation is giving way to systemic correlation - meaning everything's going up together, and some things a lot more than others (liquidity finding value) There is also good reason I started with a small position...I can see a blow off top coming as a possibility and I'm seriously thinking I may not mind holding through that at all, as it's going to take practically a black swan event to keep us from some sort of strong correction below where we closed Monday...sadly, with the current manipulation, such an event may in fact be quite possible - but I'm still not betting on it. Edit: Still IT bullish...but, if the next correction is large enough (and it may very well be), the IT trend will change to down from up, imho

Edited by alysomji, 06 May 2009 - 08:09 PM.

"Our job is not to predict where the market will go, but to interpret daily price and volume action to ascertain the facts of the current environment and make decisions based on that interpretation."
-Scott O'Neil (son of William O'Neil), Portfolio Manager at O’Neil Data Systems, when asked where the Dow would go in the coming months