Tuesday, April 28, 2009

SDS Stopped Out

The SDS trade was stopped out at 65.48 for about 0.5% gain. Anyone trading off the blog recommendations likely would have got in at a better price than the 65.15 posted entry. So hopefully your gain is a little bit bigger than that.

The market continues to chop around here, and is certainly doing its job of wearing down short-term traders on both sides of the market I'm sure. About the only thing I feel I can say for sure, is that the uptrend is weakening. Because of that, I am going to stay focused on looking for good bearish trade entries. I have my doubts that another solid overbought signal will come before the market falters a bit, but we'll see.

Because there has been no short-term indicator exit signal on this trade yet, I would be willing to re-enter at a better price later today or maybe tomorrow. So I am going to suggest using a limit order to potentially re-enter if the market approaches the recent highs.....

New Trade Recommendation

Place a "day only" limit order to buy BGZ at 45.56 or better.


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