Ok so I covered the SPY at 114.21 and the QQQQ at 46.56. Kapow. Right in the kisser. And the wallet. Those who understand charts are now saying "Well Richie, you shouldnt just be market neutral if the charts have crossed on the way up signaling a BUY. You should be betting that the market is going HIGHER!" And you know what......I just did.
Yep. The market wants to go up in my face? Good. I'll go along for the ride. And it forced me to think back about some gambling moments. Particularly with one of the old time gamblers, "The Salmone". One night we're all playing craps betting against the shooter (About 90% of crap players bet "with" the shooter despite it being slightly better odds to bet against the shooter. Go figure.). The shooter gets hot and blasts us a few times. The Salmone screams, "streaky shooter! Get with him!" So we all switched to going with the shooter and made a killing. Hopefully, we'll see that in this instance.
I just bought the ticker SSO (which is a 2X bet on the S&P 500 to go higher), due to the charts saying to do so. Bought it at 39.88. Staying with the gambling theme, "I'm all in." Good luck players.
Stay tuned tomorrow for some updates on the Monkey Business McMansion as I stand in 74 degree weather in Naples, Florida at high noon. Bright and sunny too.
"move of three"
Posted by: trader | March 08, 2010 at 09:05 PM