Friday, August 6, 2010

So Much for the Useless Prediction of the Week

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Hmm, I am going to be "wrong" about my prediction but not in a bad way.  Rather than taking until next Tuesday it looks like my "gap fill" prediction is going to happen within an hour of when I made it.  Needless to say, my short TNA is working out nicely - I only wish I put on more than 4%.



So technically this is going to be a 'daytrade' as I anticipate selling somewhere in the S&P 500 1106s (or hopefully below area) but the position was put on with a price target, not a time target.  Hopefully the trapped dip buyers run to the exits and get us to S&P 1102s.



I don't know if there is any catalyst for the selloff other than countless stocks are sitting at egregious levels, nowhere near support and the whole basis of buying stocks at this point is "Ben Bernanke will print more money so I can't lose".  Granted, that reasoning worked wonders for a good 13 months in 2009-2010 but even the Federal Reserve backstopped free market needs a breather from time to time.

p.s. if you keeping track at home, 1106.44 is the 'gap fill' point, I won't cover until I see the white of its eyes.

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