Paper Profits Turned Into Real Profits

March 13th, 2009

The markets are really battling this morning as I had mentioned they would this morning and last night. We all know a market this fundamentally sick is going to have a tough time moving higher. As far as my longs from this morning, most of them hit our tight stops around lunch time while a couple of others are still working their way higher. While I would have been pleased to see some more profits today, I really cannot complain with over 40% returns in a just 4 days! So, as of this moment I am again hedge for both directions with a fairly even split of shorts and longs.

 

For this market to move higher over the next couple of days, I think we need to re-test the area in blue below. Once we get down there, we should have a pretty good base for the next move higher. Of course if we break that level, down we go again.

 

spx8

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