Monday, May 4, 2009
I went short late today
SDS and SRS were the two victims. Maybe I'll be the victim, who knows? I've got liberal stops. I do not expect this to be the "big turn". I have given in and will now be playing the market both ways following the 60m indicators which have been good tools all the way up that I have ignored for the most part. On the chart you'll see the throwover of the wedge I have (or it is touching the top of a channel not pictured here). If I am right, the pullback target is the red 875-871 trendline below or just above it at the 875 support line (roughly 30pts). STO, RSI and ROC appear to be ready. MACD just needs to cooperate. What bothers me is the charts for SDS and SRS don't look quite ready for the move. I prefer to trade on what the SPX is doing and not the individual 2x charts. Wish me luck.