Wednesday, December 5, 2012

Holding off on SPY short

But I think when I do see the opportunity I'd prefer to use something like SPXU (3x leveraged short SPX ETF) or even a 2x leveraged or just short SPY, the point is the puts I think over the longer haul will be difficult to manage as I think we will see some sharp corrections.

Here's why I'm holding off on SPY short positions

 3 min intraday positive

 5 min positive

Here's why I want to be short eventually-30 min leading negative.

So it looks like the SPY will bounce a bit, maybe back up to the 142 area or so, I don't think you can really go wrong shorting it at 142 or even add to that a bit above, this 30 min chart should be the final word on direction.

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