Very nice! ...Taking more Profits!

Taking more off here on our ES short , as we must be discipline @ 1047.50 for +40.
XOM has earnings tomorrow and the INDU is down only 50 or so points. Have a small 1/3rd short position left. Great stuff!

Lets take some ES off here +23

Cover some contracts @ 1064 area...+ 23 total from the average in at 1084 and 1091 area. I'm keeping a modest position still short if as this could be something bigger but if its not then who cares we banked the move!

Very Nice Push!

The late day sell off was a welcomed surprise but honestly how many days in a row do we continue up without a correction. I am very happy with the 1084 and then adding at 1091 for a swing short of what I'm thinking of at least 1058-60 area for taking some profits. Good Luck to all that held through the noise of last week or so.

Adding here @ 1091

Very good area!

Short ES @ 1084.50

Taking a short position.

Adding some ES short Here 1055

Good area again to inch in as we are close IMHO...Watch the financials for hints of a rollover.

Update 3ET..There's the +10 point drop I was hoping for. Took some contracts off on that but we are very close in terms of cycle dates to a huge correction happening.

Take a look at FAZ and SRS very good risk reward and charts. Picked up some of each today.
Long FAZ @ 21 and SRS @ 10

Lets just wait

We had the expected bounce I was talking about last week. The indicators I follow were a bit too oversold to have us collapse lower. Today the financials upgraded each other and we have a strong financial led rally with GS leading the charge. I like another day of upside where I will be adding back short size again. As for today, the volume and lower USD will support the markets into the close. Lets be patient here.

Lets Be Disipline

Taking a little off here again as we retraced lower again off the 1065 short.@ 1033 for +32points. Also covered some SPY @ 103.50 for +2.8 .

Staying the course but crazy not to take some off. Hope all of you made a ton on these trades!

Wednesday thoughts

The 1065 Es short was greeted with a nice +20 point drop this morning. I had some emails from a ton of you that took the profits. Great trade as it seems to be the usual drill into the end of the month/quarter as I talked about yesterday where they just don't make it easy to hold short.

I took some profits this morning on the big drop, but still remain modestly short.
I've also added a short today on the USO( Oil index) @ 36.30.
Also shorted the SPY today @ 106 .25.

Lets see what these entries give us. Cheers!

Tuesday Entry 1065

Mondays tape was too strong with what looked like the lightest volume of the year. Today's gap 1065.75 area is an excellent risk reward to back the size on the short swing.
Good luck and lets see if we can have a continuation of this correction. I can say though that the end of month/quarter games the fund managers are going to play with not make it a clean steady decline. Good Luck!

Update : Nice close today up about 12 points already from our 1065 short. Lets see how the trade goes off the economic news out before the bell Wednesday morning. Continuation with some volume to the downside is what we want to see from here.

Took some ES off @ 1040 area + 35

Took some profits at the 1040 area and will look to re short with more size again on a retrace bounce. I still have 2/3 position short but have to be discipline and take some off after a 35-40 point ES drop. I was fully expecting a bounce to the 1050 area today and probable a sideways , slightly up today as Fridays tend to be light volume after the first 2 hours of trading. Great week gang and look forward to next week!

There is 1080 float up

There is the float up to 1080 SPX...good for a scalp at least on ES @ 1075 entry.

Update: This is a fantastic reaction to our entry! up hugely on our final short entry of 1075 and also accumulated earlier last week at the 1062. Full position short!

More later with some chart analysis...Cheers!

Float up to 1080 maybe.....

Lets see the close today

Amazing the saving the powers that be are doing in this market. Looking at alot of stocks that are on key supports. Take a look at JPM and GS...there trying to break down but this light volume is holding up everything. At some point they will make the decision to sell off, but until some size and momentum takes hold we have to stay patient and in worst case scenario take profits as they come and look to next area 1080.

On Hold for now

We are positioned well for the expected decline. Fridays have turned into the lightest days in terms of volume. There good for the first hour or two and it absolutely dies. I'm confident we will see some downside from here, but it may have to wait til Monday. Have a great weekend!

Were right here, just waiting......

Just scanning our beloved SPX index and just noticed a few things...Looking at the monthly chart we just hit the 20 ma ( 1068) today at the close. Also we have 10 up days from a pivot low made at the beginning of September. If that's not enough I talked about the need to complete the 1050-70 area for a melt up exhaustion type trade into the middle of September. I have put my money on the short side with an entry at the 1062 area. I feel great that we are here and have a great chance of correcting from here.

Add ES short 1062

Added a little more here at 1062. This is a very good resistance area. Watch the afternoon and end of day as this is whipsaw Wednesday before Fridays option expiry. Know for reversals.

Shorted a little @ 1050

Inching back in again at the big 1050 area...we either decline right away or its 1060-70 for the final positioning.

Alert...just watching the DEC contract hit the 1050 area and was immediately smacked down. Need a close below 1050 for a second day to confirm selling beginning.

TOP is Tuesday IMHO

I truly believe the top for this run for the time being is Tuesday. We either march a little higher where I will add or we roll over right away. Bottom line ...Get ready to short!

Low of 1030 so far

Took some contracts off of our ES 1046 short at the opening 1036 area for +10 points. Today Obama is in New York ( actually in front of the Exchange) so there is no way of a decline today. Take your profits and well add higher.