House Vote Passed: 263 vs 171: To pass the Emergency Rescue Plan for the Financial System
Short positions would very likely have been stopped out on that rally after the news - SO - I'll take credit for that. After big news releases, it often happens that a market will go take out the stop orders on both sides of the market - so first it went up to stop out the shorts and then it came down to stop out the longs. If you look at a chart of the stock market today you will see this happening across the Dow Industrials from 10770 and 10570.
VIX is telling me that uncertainty remains very high at 43.75 (-1.51 today). PutCall is a low 0.46 right now after being a very high 2.00+ this morning.
This is still a very bearish situation overall and managing risk has clearly been the challenging aspect of this trade. Here the DIA is down to 105.00 and yet if you used my close stop strategy you have given back some solid gains made lately.
Sell any rally of 1.00 DIA and use a 1.00 DIA stop. Cover at a 1.00 pt DIA profit.
1:46PM
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment