The sentiment and technical analysis for Augest 18, 2008

Market wrap-up:
(from this morning’s update)Today there is no economic data or news on the agenda, therefore the market trades off of strictly sentiment and technical analysis….
Well the sentiment is quite obvious!!!!

S.P.’s: this morning’s update
Positions:Long
Target: 1350.00
Stop loss:1286 50…
Upon the drop on the open to 1296.00 put on insurance( sold YMU08)…
At 1280..and 1281 I doubled my long position…..
I got stopped out at 1285.00…
Current stragety: positioning myself to the short side..
I bought insurance at 11440 on the YMU08 ..mini dow..3 contracts…although in anticipation of shorting the S.P.’s either at 1287.00..or 1293.00.9 to 10 contracts…

Dow: shorted at 11640(insurance) from the drop on the open that I had not expected…thereby when I see I could be wrong..and there’s a questionable doubt…I always put on a position going the other way..to order to reduce my losse’s or break even..and sometimes not many like today it was the only profit in the market for me.. . never the less I closed the position at 11490..

EURO,: I’ve been waiting over two weeks to get long the euro….I believe we have a short term bottom which will bounce up to 1.4820..thereby

Euro Mini: shorted 2 cotracts at 1.4740(Insurance)
Stop loss

Euro regular long 2 contract at 1.4675…
Plan to double my position at 1.4645
Stop loss 1.4609

Gold bounced as I had forecasted…although I didn’t buy in..due to the gap in the chart…

Stocks: we opened 8 new positions, 7 of the 8 are already in the profit zone..one we got stopped out on…tomorrow I’ll include todays new positions plus tomorrows stocks in the spot light..

Comments: Today was ugly….The call to put ratios had me worried…then the news on Fannie and Freddy sold us off…Although I made money today..it was with deep remorse as being wrong on my forecast of expecting a big up day..and the opposite occurred…
There is nothing on the agenda for positive news tomorrow..thereby I’m positioning to the downside in the evening session…

Did you like this? If so, please bookmark it,

$\\$