I scaled in starting at $109.78. I am now Fully Short after SPY confirmed below $109.60. Avg price of my short position is $109.68. Looking for target in the low $109s. Keep in mind though, if SPY can break $109 or specifically $108.75, it should fall hard, so I am going to give myself a chance to hold on to this trade.
However, the Pattern Play is still in effect and if it continues, we'll bounce off the $109 base and head back up come Monday.
Friday, December 18, 2009
Bought SPY $110.08
Bought half a position. Have to watch this trade carefully, if price does decide to turn down swiftly, it can be difficult to exit a position in pre-market trading as you can't place stops...
Watching dollar, if dollar futures move above $78.27 or SPY confirms below $110, I will look to go Short.
Watching dollar, if dollar futures move above $78.27 or SPY confirms below $110, I will look to go Short.
What I am Looking at this Morning
I am watching to see if SPY can move down towards the $110 support level. I have a limit to buy at $110.08 and $110.02. If SPY shows enough weakness to confirm a movement below $110, I will look to Sell my position and go Short.
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