The 3rd Push-Up Confirmed

Another nightmare came true today with the market up a whopping 3%! My SPXU position swung from yesterday’s $1,000 green to ($2,500) red.

It looks like the presumed bear flag is going to have 3 push-ups with the bounce target in the SPY 125 area, or lower.  That means a lot of pains ahead.  Of course ideally I could have exit all short positions yesterday; unfortunately, the greed factor played a role and I held on with my short positions.  More importantly, I’m trying to do it “right” for once as far as trading the SI Indicator.  I will try hard not to abandon my short bias, and not to trade the micro-trends until the SI Indicator reverses its trend.

At least I didn’t feel nearly as bad as August 6 when I was fooled by the market, thinking the bounce was over, and ended up doubling my short positions near the market low.  Yesterday I exited some at the market low for a change.  I added back the shares I exited yesterday at a better price.  So at least I’m improving my cost basis this time around.  I’m now back to 45% short.  I’m going to be a bit more prudent on this 3rd bounce and won’t add substantially until the market visits SPY 123 area again.

Portfolio Value: $127,700

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One Response to The 3rd Push-Up Confirmed

  1. Frank Victor says:

    Put/Call ratio is too high, causing trading range. Eventually, I think SP will break below 1100. How is SI?

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