Still Short Market Now Acting Correctly
August 19th, 2010 | by Hugo Gullett |When I posted last Friday, that the market is oversold and I don’t care, I should’ve cared. It would have been a lot better for me to have waited that one day for a relief of those indications to place my shorts. However, I didn’t. Today the market acted correctly though. Since we are now exhibiting bearish setups in the market it is acting more bearish.
I remain short via 2x funds. I bought yesterday EDZ, FXP, and TZA. However, I sold TZA near the bottom today with the RUT below S3 and very oversold. At the close I bought more EDZ and took a fresh position in FAZ. I also still have EGO which I will trade according to plan.
Stocks are getting cheap, but they will get cheaper
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Tags: Market, Market Now