Thursday, August 12, 2010

Bookkeeping: Change in Strategy with Index Plays

Due to the strength I am seeing in resource stocks, and some other sectors I think we are going to fill that gap to the upside ... that would take the S&P 500 to 1088.50.

Hence, I am going to cover the TNA/BGU shorts I put on this morning (for losses) and go long the same two ETFs.

I will sell at 1088.50 if the force is with me.  If the S&P 500 breaks to new session lows, I'll close these 2 long positions for a loss.  Just going off my gut but I think we go higher to fill that gap... I don't have a scientific explanation.

I am currently both long/short TNA/BGU but will be covering momentarily


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