Monday, November 26, 2007

Trade Update

Well this is my first post since Tue. Nov 20. I was on the road and out of touch with the market. It looks like our short of 25 shares of SPY @ 147.06 on Wednesday the 14 th is doing well with the SPY closing Fri at 144.13. We also entered long 50 shares of the I V V @ 145.35 and got stoped out @ 144.25. That's a $55.00 loss on the IVV.
In case you don't know the IVV and SPY are identical. They are both ETFs tied to the S&P500 symbol SPX. You can see by clicking the link that they are both at the top of their down trending channel. If a break of that trend line occurs the shorts will cover and we will get a short covering rally. Ultimately though all rally will be sold into as long as these artificially high market conditions persist. So I will issue a stop above 145 on the SPY or another long hedge with IVV.

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=spy&sid=0&o_symb=spy&freq=1&time=8

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