Morning Update
Stocks gapped sharply higher on the open due in part to a strong Euro and comments from China.. Last night around midnight I watched the Euro explode higher with the S&P futures following closely along. As you know I am short the stock market pretty much at yesterday's high which is where we are trading right now. I did not cover any of my shorts yesterday at a profit. I am scaling out of my short position right here on this little dip we are getting at 10:00 right now.
Stocks tend to rally around the memorial day weekend which is why I'm not holding onto these shorts. Let's see how the market closes.
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2 comments:
Kevin,
Sorry this trade did not work for you. Looks like you did not loose much or any eying the top yesterday and low today.
I personally wanted to thank you for hand holding while I was scaling in the energy when it was bottoming (I hope the bottoming is over). I was stopped out several times in the process and it was very frustrating.
Today is the reward and I hope it will last longer. While UNG is somewhat lagging, USO is in a rocketship mode. Approaching the 36 target fast (maybe too fast?).
I'm glad USO is working for you. Trading this market has been very difficult due to the large overnight gaps.
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