Monday, May 3, 2010

Bookkeeping: Stopped Self Out of SPY Puts

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Analysis: arrrrghhhhh!!!!!!

If you are a technician this chart just makes you laugh. Or cry. Or both as you bang your head on the wall, considering how often we are violating the 20 day in both direction back and forth. And how little of it is during the actual trading day.



I sold the SPY puts (symbol: ARGH!) I put on late Friday when the S&P 500 broke support. That's twice in a week it has meant nothing. Another loss although modest this time around! Getting whipsawed both ways ... impossible right now without being active in premarket. If you take out premarket advances I believe this market would have already fallen to the 50 day... just back out the two 0.5-0.6% moves in the past few sessions and you are there.

I really hope this is a head and shoulders formation forming - I need to short something and win. Before Labor Day. Until then, see my analysis on line one.

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