I will be away most of the day today, so I am going to suggest putting in a limit order for the SDS trade. While the support level at 880 on the S&P is not too far, there is a FOMC meeting Wednesday and if we don't undercut that support by then, that would open up the possibility of an uncomfortable (for short-term trading any way) swing against our position. The short-term model will likely reach oversold if the market continues down in any fashion today.
Trade Recommendation:
Place a day only limit order to sell the current SDS position at 58.06.
Pete
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S&P short-term model clearly oversold as of noon ET, so get out today - even with a market order would be good. Then hopefully we'll get a chance for a new trade soon.
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