The collision of global markets and social mood

Thursday, March 3, 2011

Work Before Pleasure

I was miffed on the plane yesterday, but the market made up for it this morning. Woke up and saw the futures up huge and knew I was getting a gift from the trading gods. I sold out the SPY 132 calls which were due to expire this Friday and it turned out to be a great trade.

I'm starting to think "triangle" here, which would resolve with yet another new high. If the breakdown from the recent highs was the real thing, we should have blown through 1300. When we stalled there, that was why I bought the calls as a hedge. I will now have to decide about the other side, the SDS. But that will wait until the market give me more clues.

Work is done for now. The slopes are calling.

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