One of the things I need to continue learn from myself is *patience* when rydex position trading.
Notice this post from December 26th before I abandoned my Bearish stance too early in January:
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To:High-Tech East who wrote (9666)
From: J.T. Wednesday, Dec 26, 2001 11:49 PM
Respond to 9673 of 9897
I heard the same message reading between the lines from Paine Webber's Art Cashun down at the floor reporting to CNBC in today's last hour of trading....
Unless, we get news of bin ladens death or capture in the next 48 hours, the larceny boyz are setting up for a rug job on da bullz. Major asphalt grind, imho in one or possibly both of the next two trading days...
NDX 1,528 intraday test from November 12th is on deck...
NDX closed at NDX 1,590.84 up 13 today...
This correlates to SPX 1,118 test... Today's close SPX 1,149.37... But a more realistic target here is SPX 1,128 on this pullback.
Best Regards, J.T.
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Both intraday low tests prognosticated on Dec 26 (NDX 1,528, SPX 1,118)got hit earlier this past week as the NDX intraday low hit 1,500 and 1,501 on Jan 22 and 23 and the SPX hit 1,117 and change twice on Jan 22 and 23.
I think we have put in good bottoms on the 22nd and 23rd and we scream higher next week.
What is the update on your SPH short position via the 18 Bar set-up?
Best Regards, J.T. |
