Wednesday, February 24, 2010

Looking to Short Around $110.40 on the SPY

Didn't get the Fill on my short play on the ES. However, we are still in the range to short market open and then look for a reversal to go to the long side, preferably around Gap Fill at $109.80. We may only get 1/2 the gap fill though. It will be a judgement call at that point, probably be good to take 1/2 the position off the table at that point maybe around $110.15. If we get all the way down to gap fill, I'll take off the other half and reverse the position to the long side. You can do a similar play on the ES.

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