Short Meadwestvaco (MWV) at $28.50 & Position Updates
I've been somewhat hesitant to pull the trigger on anything, particularly long, once I saw the S&P give up those early morning gains like it was nothing. But not only that, but the fact that since doing so, we just continue to drift lower with small bounces in between.
In fact, I used the latest intraday bounce to book my small gains in Goldman Sachs (GS) and TD Ameritrade (AMTD) for 1.3% and 0.9% respectively.
Trading is a game of inches... those who promise incredible gains in a short period of time are full of it, and those constantly post huge gainers day after day after day, is likely pulling the wool over your eyes. It just doesn't happen, without some kind of bending of the rules.
So while gains of 1.3% and 0.9% might not be all that sexy, in the long-term they play a HUGE role in long-term success.
In any case, I did add a short position to my portfolio, and as it stands right now - that is all I own. It's Meadwestvaco (MWV) who reported earnings this morning, and after a brief spike has given it all back, and just about to confirm a major bear flag, which is the second of its kind in the past year. I would love to see it drop into the low $26's, which is what I envision for this stock. My short position entry is at $28.50 - but I think it is good down to $28.25.
The chart speaks volumes though, so check it out.
Here's the MWV Trade Setup.