Thank you, OX... sure, the basic reason for closing out the SP group is because my initial downside objective of 1350 was reached for the June futures... oh, we could really move a lot lower, like a genuine crash, but if that happened I would have no difficulty putting on a whole new grouping of trades to ride the next leg lower... another reason for closing out the positions now is that I see some support at DOW 10,000 SP cash 1330, and NAZ 2900... therefore, most of the cream has already been skimmed off the top of this trade and I don't think it's prudent to leave the money on the table for what leftover change remains... I'd rather take my hefty profits now and leave a few bucks for someone else, so to speak.... you know, like the old saying that we should sell when everyone else is buying and we should buy when everyone else is selling...<g>
I think what we have here is a really quick crash like in 1987... the day of the crash was the low for the move..... on Monday morning, I'll be looking for a place to buy for the coming rally... also, I don't expect these markets to recover all the lost ground so quickly, if at all, but I think most of the selling is over if not all of it... by Monday morning, I'll have a better feel for what may be in store.....
Best Regards,
GZ |
