Tuesday, July 13, 2010

New positions

Update:  We just aren't feeling it -- took it all off for basically breakeven (posted real-time).

There's still a trade here short -- going to come fresh tomorrow AM and re-assess


Four major ETFs that we follow hit resistance today, SPY IWM IYR XLF.   We started swing shorts on all 4 (posted entries real-time IYR 49.85 short, IWM 63.8 short, XLF 14.88 short, and SPY 109.77 short).

Breadth is good today and the financials are leading, meaning we know that we could be in for some pain in these starter positions.   As to where to add or where to place stop -- too early to tell, we'll see what the market dictates.   If we start taking on some pain in the swings we'll probably hedge it with some long ETFs in other sectors. On the whole we feel more uncomfortable adding to shorts in pain than we do to longs.   Let's see what the next few days brings.