Get Ready To Take Some Profits
10/9/2008 8:10:43 PM
Hello Everybody
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Trade Actions:
Buy @ GLD (Gold) @ 89.90 or better
Sell PSQ @ 84 or Better
Sell AGA @ 43 or Better
Sell SKF @ 200 or Better
Market Outlook/Potential Opportunities:
The stock market is approaching a tradable bottom. We need to try and see if we can get our best price for our profitable positions. We also are going to try and buy Gold.
Even though people use the VIX as a gauge of fear, I use a different method. As a part time daytrader in the e mini S & P, I get frustrated when I play a range breakdown with no follow through. That tells me there is truly not enough fear. Friday afternoon was a range breakdown that finally followed through. Friday represents the first day in quite awhile that we had some fear. And that fear is that the shape of America as we know it has forever changed. There will be rallies but there is not the true fear that will send us into a new bull market.
THURSDAY HAD THE FOLLOW THROUGH AND FEAR
Current Long Portfolio:
Long GAZ Natural Gas @ 45 |
It closed at 39.18 |
Long PSQ (Ultra Short Nasq) @ 61 |
It closed at 81 |
Long AGA (Ultra Short Agriculture) @ 29.5 |
It closed at 41.30 |
SKF (UltraShort Financials) @ 119 |
It closed at 181 |
Current Short Portfolio:
None
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Author: Bill West
Bill West
Fat Pitch ETF Advisory
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