Long SDS at $16.58 with a twist
...and before I could finish this post I am OUT - at $16.51
That happens from time to time.
Literally as I got in on a beautiful head and shoulders pattern on the 5min SPX chart and inverse head and shoulders on the inverse 2x S&P 500 ETF SDS, there was "rumors" of a cordinated bank activity over in Europe. When you get that kind of positive news that crushes an otherwise solid trading thesis, it pays not to be stubborn and instead get out of the trade and simply "reset" yourself to the new trading conditions.
And that's what I did here.
Shorting is tough, and much harder than buying stocks simply because you are going against the tide in nearly every way. The Fed, the government, shareholders, companies, and everyone who has the power and ability to make stocks or just the stock that you are shorting go up. Today is no different. Powers that be are trying to resolve Europe's mess, not make it worse, and as a result that makes it where you have to constantly fight the tide as a bear.
When I bought it looked like this: