Thursday, May 27, 2010

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.

2 comments:

Anonymous said...

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?).

Kevin said...

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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