Friday, July 18, 2008

Moving Upward

I thought today was very bullish. Just like on the short side when moving down we may consolidate but I think the next big move is up. I think we have probably made an interim 2 to 6 week bottom and are headed for 1270 and then probably 1325 on the S&P. I sold the rest of my SPY puts today and actually bought SPY calls to help hedge my short exposure. Nothing huge but I am underexposed on the long side and so it is acting almost as a hedge. Oil continues to roll over and that will be the catalyst for a decent push upwards. Several of my shorts will probably continue to go higher but I am not covering them as fundamentally I like them. So the only trading I am doing is on the margin with some SPY options.

I am flying out of state on vacation tomorrow until August 3rd. I will have limited Internet access especially the first week of the trip and so will probably not be posting much the next couple of weeks. When you see interesting things, email it to me. I am going to need help to stay on top of things.

No comments: