The limit order of 25.34 for QLD was hit yesterday morning creating another very good gain for this trade. From a few reader comments, it looks some people got out around 24ish which was still a nice gain and was more strictly an indicator based trade. So congratulations on those trades. Other than a couple attempts at a longer term BGZ trade a couple months ago, I have never suggested managing a trade on the blog like this last one. I usually stick very much to the indicator/models. The price pattern on this trade just suggested high probability of sustained upside, so I wanted readers to take advantage of that if possible.
Anyway, short-term models are nearing overbought, but I am not going to suggest rushing into a bearish trade just yet. I think there is probably a little more upside left but would look to get bearish around 825-830 on the S&P 500. It will be at least tomorrow before I can really devote any time to watching the market and posting any new trade recc's. For now, I would focus on SDS or DDM and figure out a price level corresponding roughly with 83.00 on SPY as a potential trigger price/limit order to consider a bearish trade.
I will give a more detailed big picture post and get back to regular posting this weekend. I will be traveling the next couple days off and on.
Pete
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