Friday, September 9, 2011

Another gap and a trend down day

A rather strange day with stocks as well as gold (minimal), silver and oil declining. So were did the money go then? Well, the dollar keeps on rallying, also meaning the euro really gets hammered lately. Since the last trading day of August, the euro lost about 5%.

We had a trend day down, closing not too far from the low of day and near the bottom of the assumed bearflag. Indices went 2%-3% lower, mostly on Eurozone news and rumors of Greece defaulting. Let's see what the weekend has in store for us.

I went long the inverse ETF's I was stopped out earlier this week. I got a new buy signal this afternoon while the market was tanking.
BGZ: long 44.42 SL42.00
EDZ: long 23.98 SL22.70
SKF: long 80.45 SL76.70
SPXU: long 19.88 SL18.85
TZA: long 48.61 SL45.45
FAZ: long 63.03 SL58.80
I also bought ES-futures as a hedge against the inverse ETF's, probably just for the weekend.

I was stopped out of the last half of MCP at breakeven (55.51). Still in BAL and SGG, they're still looking ok.

No comments:

Post a Comment