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Closed call hedges at small loss. SDS up to 52.60, looking good. Hopefully here we go to LOD and beyond. 1515 resistance level validated. If by some chance we retest it today, will consider adding to shorts.

FYI, I decided not to take a piece off, but rather to hedge the position against the expected bear-flag bounce with SPY 155 calls (OOM). I plan to close out the calls when I sense this bear-flag bounce is about done, which I anticipate happening somewhere in the 1515-1519 area. (and we just...

ES 1526 would be about a 1% rise from my entrypoint, so that would put my SDS stop at -2% or 50.25. SDS opened right at 52.30.

Possible scenario for today... <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1669586>

Which is one level better than being in a state of "I'll be damned!" :) :) (That was the state that I was in yesterday afternoon when Apex called his long entry, I didn't have the cajones to follow suit, and then the ES took off like a rocket while I kept muttering...well you know.)

Ah, well I guess I have your vote! :)

Not in ES, but right after I posted that note about getting short (just before NYSE RTH close), I bought 2,000 shares of SDS at 51.27. (SDS is the ProShares Double Short S&P 500 ETF which tracks -200% of $SPX.) SDS actually continued down in post-market trading to 51.15 before heading up. Last...

There's 1525! Damn, when you're hot, you're hot! So...down from here?

I'm magenta with envy. :)

1519 is a 38.2% fib retracement of the downmove from the 10/31 swing high at 1558.75 to the 11/5 low at 1494.25 The 50% retracement point would 1526.50. The 61.8% retracement point would be 1534, which looks like a strong resistance level.

Nice work!!!

Nice scalp. I'm just not comfortable going long until we get past 1518, and I'm not confident that's going to happen today. Still flat.

I closed out my remaining shorts at breakeven and am now flat. Should have done so earlier. Too stubborn for my own good.

70%? I love it!:)

I don't see one yet, either. We've hit the top of my 3-point resistance zone, bounced back down to the bottom of the zone, but no reversal bar yet to confirm a turn. Could go either way. If it breaks up, It'll probably go up another 10 points. If down, probably 15-20 points. EDIT: Starting...

Seeing bearish divergence again, right in my resistance zone of 1515-1518. If I was not already short, I think I'd be looking for a reversal bar to get short here. Having said that, I'd love to get a short entry in the 20s. If we break above 1518, I'm guessing we'll zoom right up there...

Yeah,I feel clueless, too. The bounce after the 10-point downmmove hasn't played out as I expected. The half of the shorts I hung onto are almost back to breakeven, and I just hate when that happens. Shoulda/coulda/woulda dumped 'em all at 1505.:)

Damn! I got tied up on the phone and missed all that action. We popped up to a 61.8% retracement and then bounced down from there with impressive vigor. Guess I called the bear-flag breakout a little early. I'm doing everything a little early today, sorry. That last move kinda messed up my...

Thanks. I'm holding on to half my short position because I think there's a good chance we'll get to the 1494-1498 area where I'm showing a support zone. However, it's possible that we might first bounce up as high at 1510 (which would be a 50% retrace of the move from 1515 to 1505). If we do...

Closed half my short position from 1514.50 here at 1504.50 for +10. Holding on to the other half.