The Gift

Take any rally here for what it is.... a gift, and short it.

Interesting Play on XLF

Interesting Play here on XLF, Wait for a close above 13.90 and ride it up to 14.85 or so. If it can't get there, which I don't think it will, short it.

S&P Short Term Outlook

Any pops to the 50 DMA should be good opportunities to short.

Closing Numbers for 8/23/2010

Look Out Below

No lower low yet, but the last 2 weeks of price action have not boded to well for the bulls. Looks like we could retest 1040, unless buyers step in, which seems unlikely if you look at the bond markets, the dollar, and gold. In my opinion not a great time to be swing trading, but plenty of opportunity on an intra-day basis.

Got Gold?

As sovereign debt woes continue to weigh on the market, keep gold on your radar. If volume picks up next week I would take a nibble at the GLD. Once up over 120 I would add a little more, if it breaks 112.25 in high volume, I plan on loading the boat.

May 2010 Review

Unless you happen to be a dollar or gold investor, this was a pretty rough month to be swing trading. In fact in hindsight, of course, it would have been a good month to go on vacation. I started off the month with a few losers, but kept the losses to a minimum by utilizing good risk management. I have been mostly day trading the last 3 weeks, which I am not very good at, but did manage to finish the month in the green.