What a Day!

Today I was revisited by an old friend - Never fight the fed. I went into the evening by staying short on all of my positions. I made the assumption that LEH would fall the way of BSC and the morning would have a negative open and then a recovery by mid morning looking for the Fed's interest rate cut. I was mistaken. My account was halfed today, however, I still believe we are in a bear market. The indictors still point to a downward trend. In addition, the volume of today's rally was not high. In addition, the VIX movement was very interesting. I completely didn't watch the VIX this time and I paid the price. Never again.

What a good few weeks!

My account is up over 50% since I started posting. Mostly on shorts on the QQQQ, XLF and today was C.

A good couple of trading days. I have been scalping a profits on smaller positions to take my line in large positions. I current how 35 contracts March 41 QQQQ Puts. If the charts move as they should this should break to the downside to about 39. My cost is .63 per contract.

However, my only concern is will it happen prior to the expiration date of this month. In addition, the Friday jobs number will be a major concern also.

My current positions are short on QQQQ and long GLD.

Sold my GLD on Friday.

Made about 2% on the my trade after commissions.

Also, I am still short on the NASDAQ. The bond rating still maintaining AAA was for a good pop today. However, we are still on the consolidation period.

Long on the Gold Spiders - Bot GLD

I bot GLD (gld spiders at 91.51) at Etrade.

Also, still short on the market (NASDAQ)

Current positions:

Long GLD
Short Nasdaq

Nail biting several days - Not!

I have been watching the market since the bounce off the minor support several days ago. The market put in a brief acsending triangle and I was tempted to reverse my support position on the NASDAQ and go long prior to the 2 day pop but didn't. It was a standard triangle with decline volume with increasing prices. But, I didn't want to lose my position for a short-term pop no matter how tempting. It was nice that my chart reading was nice.

I am still short on the NASDAQ. It will be interesting to see the support at the minor support within the next few days. The market technicals say it is pulling back.

Still Short on the Nasdaq

I believe the market will continue to decline to the next support at approximately 2050. QQQ very active at the March 40 strike price.

Went Short on the Nasdaq

I went short on the Nasdaq today 2/4. The decision was based on the head-and-shoulders pattern that had developed over the past several months. The neckline was broken with the recent decline and retested on Friday and Monday. I believe the market retested and will roll over. Thus I went short on the Nasdaq today.