Monday, November 2, 2009

Shorting the S&P

I called up and entered a trading contest today, the rules are you get 5 contracts and with the 5 contracts you can do what ever you want to the S&P. The three traders with the most earnings will win cash while the others don't. Why not I have nothing to loose. The last contest I came in 5th place out of 17, not bad for my first trading contest.

This week, I was really unsure of what to do after looking at the charts so I shorted the S&P. I strongly believe the S&P will make a turn for the worse in the near future, im just unsure of how soon it will turn. I feel like it can happen any day or it might have one last thrust upwards kissing 1100 again then failing to make new highs and eventually going down hill. I predict this last thrust will be in will take about a month to achieve

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