I wanted to say thanks to The Fly for taking a look at my blog yesterday, along with about 20 others. At first I was sort of pissed at my review, but when I thought about it, it made sense. I do use an old Blogger template, and I do populate the site with pictures of weird stuff. I do blog for fun, I have a day job, and I do enjoy this very much. I am all over the road, I like to discuss plenty of things not directly finance. All in all I was glad he stopped in.
Well I did not figure to talk about a strategy for weeks and then take a pass!
This morning I opened positions in both SH (S&P Short Fund) and PSQ (Nasdaq Short Fund). The market was about even and I figured a later day sell off might happen so I pulled the trigger. The S&P closed right under my target entry area of 1280. To be fair, I wanted a rally back to 1300 to open these positions, but it never shaped up this week. It still may by weeks end, but I felt like it was time to go on this one.
What is great about this trade is there are clear places to walk away. If the S&P breaks back over 1300 and holds, that would be step one out the door. A close over 1330 is step two (should leave) and if we arrive back at 1360, it's a busted trade without too much damage done. Otherwise it is in play along the new trendline down to the 1180-1190 area I have targeted.
Have a good night.