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Interesting, Guy. I've been long-term (which is 6 weeks for me) market
neutral since Thanksgiving. However, my LT market system started to lean
short about a week ago. The pounding the NASDAQ took from the
futures/options guys on Thursday confirmed direction for me so I went short
both the 500(SPY) and mid-cap(MDY) Spiders on a 1:2 ratio at the open
Friday. I set my initial stops at 127 on the 500 and 71 5/8 on the mid-cap.
I'm now a little less than a point in the money on each and will be looking
to move the stops to breakeven after another point.
As this is a LT trade I use scale in establishing my total positions. Half
was bet opening the trade. Two-thirds of the remaining will be placed
if/when yield on the 30yr Treasury breaks above 5.4% and the last third
if/when the SPY breaks below its 50-day EMA. My target is the 119 level on
the SPY. Should the downtrend continue I'd double up at the 200-day SMA.
cheers,
Rick
>>Jim et al:
>>
>>FWIW we reversed our short position last night (short S&P) and went long
at
>>1255. Now we're back in sync with our longer term signal. If the market
>>has some big swings today, we will look to add to our position if we can
>>steal it.
>>
>>Regards
>>
>>Guy
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