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SharePlanner (< 20)

Two New Short Trades: SPY & NATI

Recs

5

May 10, 2010 – Comments (3) | RELATED TICKERS: SPY , NATI

After booking some nice gains in the S&P UltraLong ETF (SSO) early this morning, I essentially waited out the market for the rest of the day. Towards the end, as the market was rallying into the close, I used the opportunity to load up on two new short positions the S&P ETF (SPY) and National Instruments (NATI).

The premise for both of these trades is that the gains we saw today were merely from the market being due for a dead-cat bounce. Now we could get additional follow-through tomorrow as well, at which point, I will look to add more positions to my portfolio - one stock in particular that I have in mind is ENI S.P.A (E).

SHORT: SPDR S&P 500 (SPY)

Click Here For The Chart on SPY

SHORT: National Instruments (NATI)

Click Here For The Chart on NATI

3 Comments – Post Your Own

#1) On May 10, 2010 at 9:37 PM, dpdoor (29.00) wrote:

Good Call, +1 rec, I just went heavy short and feel comfortable with it. If you have time check out my May 8 blog why people think the dow will go over 11,000 and why it shouldn’t. Thanks for the etf ; I’m adding sso to my underperform.

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#2) On May 10, 2010 at 9:46 PM, vriguy (74.46) wrote:

You are likely right, but I fear the ECB and the Fed can keep the circus going till all the shorts throw in the towel.

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#3) On May 10, 2010 at 10:55 PM, SharePlanner (< 20) wrote:

You guys share the same concerns as I do - there is, no doubt, a concerted effort by the governments worldwide to actively pursue short-term policies that breed optimism with the bulls at the expense of the bears.

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