What a lousy finish that was... I don't like to see that much selling going into the close when I'm about to short. Anyway, the first trade of the year was successful. TNA was up nearly 5%, although once again the system will only get half credit. :-/
3:30pm: The numbers are in...
My system goes short if SPY closes at 127.26 or higher. Below that, if it finishes between SPY 126.96 to 127.25 it will sell longs only. Below 126.96, hold longs. It is a strong short signal already by definition, but the higher we close above 127.26 the better. I would also like to see some better performance out of TNA although this is not a requirement today.
No further updates needed. Have a good evening!
10:39am: While I am kicking myself for not following my system and going long Friday, at least I half listened and dumped my shorts on the close.
I'm getting a strong short signal today. As I demonstrated over the weekend, taking a 50% short position here would probably not be as profitable as a 100% short position, but I also said I'd give this money management strategy a few more months. So, if the short signal holds into the close the system will sell longs and initiate a 50% short position in TNA.
I'm turning off the computer now and will be back at 345pm ET to confirm the signal and place the trades. I'm off work today so I think I'll go workout and perhaps help put all the Christmas stuff away - at least doing something useful besides watching what appears to be a relatively boring day transpire. See ya back here in a few hours. Take care.