Ok, let's not be premature with our celebrations! The markets are a great leveller of the overconfident! However, in the face of what seemed to be considerable upside momentum on the back of Intel's having released better than forecast earnings, we traded as the charts told us to and actioned short positions at 915.8 as the S&P500 met our trusty descending resistance line.
Instituting the position after market close is never ideal but the evidence for a retracement from this level (potentially back down to the 200-day MA at 869) is overwhelming. In any case we have moved stop losses to break even which means this is effectively a 'free' trade, if any such thing exists! Whatever happens, it would seem that we are at a critical level.
Currently minding 27 bps profit....
Happy Trading all!
Wednesday 15 July 2009
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