Wednesday, July 15, 2009

Neutral to Bearish Again

Exited ALL longs (ERX, TYH) at 2pm. Also exited my long futures position in ES & NQ.

Although the market did rise during the past few days it rose too hard too fast for me to continue holding comfortably. I don't think the ES range high near 928 can be taken out, and longs will see some trouble if it's not. On the other hand if it's indeed taken out with volume there's little resistance between here and 950, at which point I'll feel better shorting.

However I'm not short yet. Will wait and see if we turn south from here.

Sunday, July 12, 2009

Short Term Bullish

Close post-POMO shorts and opened new longs ERX, PHM. Double POMO day this week combined with earnings releases from several major banks increased the possibility of tape painting.

Wednesday, July 8, 2009