Friday, September 25, 2009

Third Reversal in as Many Days

Hmmm... third day in a row buyers have been scorched... post Fed announcement Wed afternoon, yesterday morning, and this morning. Have to turn to the dark side - doesn't look good for bulls right now.

In my morning piece I edited it to reflect the fact I quickly dumped the calls once the market went back into the red. (took a small loss) I've just dumped the levered long ETF we entered this morning as well (another loss - manageable).

I guess we're back to the put side... ;) If S&P 1040 breaks we're going to layer on more short exposure and see if we can incite some panic by bulls. Certainly if the market gets back north of S&P 1045, we'll be like a deer in headlights and have to think about what to do. Currently 1043ish... could go either way from here.

I'm flip flopping more today than John Kerry circa 2004.

Thank you market for providing a non siesta day.

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