Great Trades

Wednesday, February 25, 2009

Added shorts on failure to get through 780 resistance

After a very nice rally, the S&P 500 stalled out at 780 resistance, so our trading model added shorts to get to 50% short the S&P 500 and 20% short financials (plus another 20% for speculative traders). Tight stop on a clear break through the 780 S&P 500 level.

Today's action was not good follow-through on yesterday's rally, and there are a number of indicators pointing to more downside action in the short term.

Open Positions: 50% short S&P 500, 20% short financials, 5% long oil, speculative traders short another 20% financials and 10% S&P 500, short gold to hedge.

posted by GreatTrades  # 4:30 PM

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