Quote from Buy1Sell2:
All equity investments outside of the trading account were pulled at the close yesterday. I am 100 percent in cash and short the ES
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ES Journal Archive (2006 - 2008)
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In addition to a large position in my IRA in SDS (double-short S&P 500 ETF), this morning I bought a large position in QID (double-short NASDAQ ETF).Quote from Buy1Sell2:
All equity investments (muts) outside of the trading account were pulled at the close yesterday. I am 100 percent in cash and short the ES
Never heard of those instruments. I have never traded a stock, only futures and used muts as long term vehicles. Interesting move if I understand your position correctly. I, as well, would not be surprised to see signinficant downside to come.
"Never ever risk more than 2 percent of trading capital"
We are very early in the day to review the daily and weekly charts yet. It will be interesting to see how it closes today. I would think that we would need to break Wed high or at the very least Thur high for the bulls to get a little momentum back. Anyway, it's too early in the day to try and further interpret outraday charts. Right now I am bearish.
Short ETFs are the only way I can play the short side in my IRA, since it's inherently a non-margin account. (I can also buy puts, but I'm not as comfortable with options.) The two double-short ETFs track 200% of the inverse of the S&P and NASDAQ indices. I have a break-even stop on the SDS holding (which is already up 5% in a week), and a 2% stop on the QID I just bought this morning (which is already up 1.5% in the past hour).
no bids up above...price feels like it wants to look for greater liquidity below around 1400.
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