Wednesday, March 17, 2010

Moving Mental Stops on Index Up About 10 S&P Points; Stopped Out of Cemex (CX) Short

Full breakout mode at this point... I thought Monday if S&P 1140 was broken we'd get our "easy" 16 point move to the downside (to fill a gap).  It appears instead it will be going to the upside, which running a long-short strategy is fine by me.  As we sit looking at S&P 1165 I will begin locking in some profits on the index instruments either (a) as the S&P 500 approaches 1170 OR (b) on a pullback to the lower 1160s as I don't want to give away these profits.

The short on Cemex (CX) just triggered its stop out with a 4% loss as $10.65 was surpassed; no surprise here as we're in melt up mode.

Otherwise, anything else I'd offer on the market itself would be a broken record.  Obviously when we do correct it will be nearly impossible to be holding any short positions because they will all be stopped out.



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