Great Trades

Wednesday, February 18, 2009

Sold longs, now in cash

With the 135+ -point Dow rally and financials going from down 2.5% to up 1.5%, our trading model has moved to cash as the S&P 500 approached 800 resistance.

Our model will remain in cash until the S&P 500 breaks solidly through 800 resistance or gets oversold enough to be set up well for a rally. It could do so fairly soon, or there could be more severe selling ahead. At this point, we'll wait to see when we get the best risk/reward setup.

We will hold the remainder of our BAC trading position with a stop at 4.5, after having taken profits on a good portion of our shares on the rally.

Open Positions: None

posted by GreatTrades  # 12:14 PM

Archives

December 2005   January 2006   February 2006   March 2006   April 2006   May 2006   July 2006   August 2006   October 2006   November 2006   December 2006   January 2007   February 2007   March 2007   April 2007   May 2007   June 2007   August 2007   October 2007   November 2007   May 2008   September 2008   October 2008   January 2009   February 2009   March 2009   April 2009   May 2009   June 2009   July 2009   August 2009   September 2009   October 2009   November 2009   December 2009   March 2010   May 2010   June 2010  

Great Trades Home    Email GreatTrades

Disclaimer: Great Trades may have a position in all or some of the stocks discussed in this blog, but is not paid by any company to promote their stock. Great Trades contains opinions, none of which constitute a recommendation that any particular security, transaction, or investment strategy is suitable for any specific person. Great Trades does not provide personalized investment advice.