Tuesday, 8 May 2012

12pm update - main target zone met

A good morning it has been. Having re-shorted at sp'1373 yesterday, I just earlier exited at 1351. That makes for a great move across just 3 trading hours. I am back to all cash..and will now sit back, and let the algo-bots ramp this nonsense back to 1385/95 before redeploying the heavy artillery next week.



So, I'm done hitting buttons today, and right now, I'm guessing I won't trade again until later next week. I can't go long for 2 reasons. 1. The daily/weekly cycle argue against it. 2. My stomach won't tolerate it.  ;)

I would guess we do indeed have a multi-day bounce now..into opex week. I will look to short around 1385/95. I can't guess what day that might be right now...if its as early as next Tuesday, I'd probably short then regardless.

For anyone taking long positions, the stop levels are clear..todays low of 1347..or a loser 1340/35. Anyone short..should have bailed/stopped out this past hour.

More later...