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
Thursday, August 12, 2010
Bookkeeping: Change in Strategy with Index Plays
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows