Tuesday, July 20, 2010

Bookkeeipng: Cut Back TNA Short Put on Late Friday

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The market has been flip flopping around S&P 1070 a lot the past 2 days.  That used to be a quite solid pivot point to work from because S&P 1070 has been very close to Dow 10,000 much of the past few months.  However the Dow has outperformed the S&P 500 and over time Dow 10,000 has now become more like S&P 1060.  (not always, but generally they are closer to each other now)  Hence, S&P 1060 has taken over the reigns as the floor/pivot point the last 3 days... the hats come through for the bulls.

With that I covered a good portion of the TNA short I put on late Friday for a small loss with Apple looming ahead.  There is upside for a move up to 1090ish where one would try this trade again.

This has been one sneaky 2 day rally, helping to erase the big losses from last Friday.

(edit 3:00 PM - some happiness also circulating the internets [sic] with Wall Street savior Ben Bernanke speaking Wednesday; almost every time he talks and promises free money to capital markets for ever and ever, we rally)

S&P 1060 is the new S&P 1070 ....


.... because Dow 10,000 = Dow 10,000.



Of course Dow 10,000 means nothing other than as a psychological level, and a great place to whip out hats and make loud celebratory noises.



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