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pharmacist2011 (75.75)

All major indexes are struggling to crossover resistance... short signal TODAY

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February 17, 2010 – Comments (8)

I've never blogged on Motley Fool before... So how's for a first try.

Great short signal today in my opinion. For that reason, I've entered long orders for all the proshares and direxion bear etf's that I'm interested in watching. Should be a nice decline in the overall market until the end of the month. At that time, we should see a great buy signal.

I'm also about to enter a short signal for all the bull ETF's. If the markets burst through the resistance levels today or tomorrow, then be prepared to see much higher levels across the board. I do however think this is unlikely however, as we already are seeing weakness in oil, which will continue over the next couple of weeks.

After a couple weeks, I will be closing all of my positions, and reverse everything. I will need to find the support levels at that time, to determine the most likely stopping place at the turn of the month. 

8 Comments – Post Your Own

#1) On February 18, 2010 at 9:09 AM, pharmacist2011 (75.75) wrote:

wow - so far , so good (viewing the premarket movers). 

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#2) On February 23, 2010 at 8:12 AM, pharmacist2011 (75.75) wrote:

Hmm... a couple days premature. Could predict Friday's Tiger Effect anyways... Let's see what happens today. 

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#3) On February 23, 2010 at 8:41 AM, Superdrol (97.77) wrote:

Depends on how the S&P 500 can handle the 1,120-1,130 area.  If there is a break above that area on volume then I'd be looking for a reversal and get short the SSO which is the Proshare Ultralong S&P 500.  I agree with the short set-up.  Looking to scalp it.  The index will probably churn for a few days, make a higher low test 1,080 area, then reverse upwards for a break to the upside.

 

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#4) On February 23, 2010 at 10:15 AM, Superdrol (97.77) wrote:

Get shorty.  Added to my position once it went red. Covering half here.  Hopefully the market keeps tanking.

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#5) On February 23, 2010 at 10:20 AM, Superdrol (97.77) wrote:

Covered rest of SSO short.  Wow, what a move.

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#6) On February 23, 2010 at 12:22 PM, pharmacist2011 (75.75) wrote:

Superdrol - I see we're thinking alike.

We're done yet with the downturn yet. I'm still getting sell signals.

Continue shorting. 

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#7) On February 23, 2010 at 1:42 PM, Superdrol (97.77) wrote:

Yeah, I agree.  We should not break 1,080.  I'd wait for a reversal and break of 1,080 on the S&P 500.  I didn't play the long/short ETFs, I just shorted the double inverse, although I probably should have went long the other.

 

I'm flat my short, now I'll probably wait till all the selling is over and take a long for the bounce.

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#8) On February 25, 2010 at 9:53 AM, pharmacist2011 (75.75) wrote:

Market is taking its tumble... should continue for another couple days.

 

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