Friday, December 2, 2011

Hold signal. Covering half my short position.

3:40pm: The system looks to flip to healthy mode today. I'm getting another hold signal, but since SPY is hanging tough in positive territory I'll be closing half my short position. If by some miracle we get a late day selloff, I'll keep my full short position through the weekend. I'm not expecting that to be the case. On the bright side, today could've been worse.

10:30am ET: Sadly, it just doesn't look like this short trade is going to work out for me. Like yesterday, I'll be looking for a green SPY close to dump half my shorts. I'd say based on the first hour of trading, I'm going to be taking a sizable loss today. Ugh.
Posted by at

13 comments:

  1. MicheleDecember 2, 2011 at 3:48 PM

    Hmm - just looking at the candles of the past three days, I'd say we have a better than even chance of going lower on Monday.

    ReplyDelete
  2. jtthompDecember 2, 2011 at 3:49 PM

    This comment has been removed by the author.

    ReplyDelete
  3. OldeeeDecember 2, 2011 at 3:50 PM

    I'm with pi!

    ReplyDelete
  4. jtthompDecember 2, 2011 at 3:50 PM

    From the cheap seats and the what it's worth department.....SPY is heading down (-$0.10 as I type) and the VIX has been rising consistently since 10:30 am.

    I'm still holding long TZA and holding out hope.

    ReplyDelete
  5. ChrisDecember 2, 2011 at 3:58 PM

    Justin is that you.. JTThomp?

    ReplyDelete
  6. JamesDecember 2, 2011 at 4:02 PM

    Argh, wonderful... I pulled the trigger at 3:58. I still have a hefty short position though.

    Thanks all!

    ReplyDelete
  7. jtthompDecember 2, 2011 at 4:09 PM

    Nope, not Justin. But I am fully short.

    ReplyDelete
  8. JamesDecember 3, 2011 at 11:07 PM

    I covered half my shorts. I guess the silver lining is if we get a gap up, I'll get a better price on my shorts. If we gap down, I'll make money. Sort of a win/win... sort of.

    ReplyDelete
  9. RealMoneyIssuesDecember 5, 2011 at 10:00 AM

    Thoughts this morning j?

    ReplyDelete
  10. JamesDecember 5, 2011 at 11:27 AM

    My main thought is that this market is whacked out. I have no clue what is going on.

    My other more pertinent thought is that unless the SPX takes yet another 20 pt dump today, my system will flip to healthy mode and will officially be half stopped out. I'm still debating whether I want to use my sidelined cash to average into more shorts at this point. Probably not a great idea if I'm just going to get stopped out at 4p.

    ReplyDelete
  11. RealMoneyIssuesDecember 5, 2011 at 12:55 PM

    Ok, well... someone is boosting the market...

    Looks like my IRA is taking another bath...

    ReplyDelete
  12. JamesDecember 5, 2011 at 1:22 PM

    While my system is going to flip to healthy mode today, if we finish at SPY 127.04 or higher, we'll get a healthy short signal and it will remain 100% short. The half stop loss and new short signal will cancel out. Interesting.

    ReplyDelete
  13. JamesDecember 5, 2011 at 3:49 PM

    So much for that.

    ReplyDelete

Subscribe to: Post Comments (Atom)