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Rick
Our longer term signal has been bullish since 10/1/98 (S&P @ 994). Our
shorter term signal that we trade is what I mistakenly reversed and went
long. We should still be short, but will watch carefully since our longer
term signal is still bullish. At least we kept our exposure low. The
shorter term S&P trades are +82 points (net) since 1/1/99. Current position
is down 12 points (approximate), so we're still in good shape overall.
We will use our visual stops basis Close in determining whether we should
exit the position.
Regards
Guy
-----Original Message-----
From: owner-metastock@xxxxxxxxxxxxx
[mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of Rick Mortellra
Sent: Saturday, February 06, 1999 12:31 AM
To: metastock@xxxxxxxxxxxxx
Subject: Re: FWIW reversing
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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