Wednesday, November 23, 2011

SDS Exit

The SDS trade was exited at 22.55 on the open this morning.

There is still downside potential for stocks, but the large unfilled gap up at the 61.8% retracement of the Oct rally is just under prices, and the market could find support and bounce there.  At this point I am not really looking to try to catch a bottom here, but if a nice looking bullish reversal occurs, I may consider a bullish trade if the market forms a higher swing low on the chart.