I entered a very small SPXU position yesterday and added to it today. Normally I just day-trade this but this move is extreme. The SPX is well outside its #$%$ and hit 50+ points above its 20 DMA. The general public was in buying the futures heavily this morning. I also hold a number of longs so this time I am going to hold this for a longer period of time. I am looking for the SPX to pull back inside its #$%$ at a minimum. It should eventually pull back to at least the 20 DMA. Right now that is at 1420 but it is, naturally, rising.
Thank's for the reply,was wondering if there might be some follow through to the downside in the A.M. with SDS ?These market's have been extremely over bought for a while now,has me shaken my head in amasement for weeks.Looking for 13.20$ to start with ? GLTY
Just for fun......post your SDS trades over the past 2 years.
The top is in
Load up the truck with SDS
Market dropping like a rock
AfterHour futures blood red
Greece to default
No one is buying
GS falling out bed
SDS to $10
Then SDS to $5
A fool and their money are soon parted.
buzz, did I not say I was looking for a quick 30 cent turnaround? I could be out midmorning tomorrow (which is the plan). If not, no worries. I don't hold forever to anything. Thought that you understood this one by now.