Jeff, FWIW, I have been averaging in since Nasdaq 1360 to short mutual funds. My objective was to get an average of about 1400 entry overall, when I complete my position.
Mostly NDX, some SPX short funds.
If they rally it some more on this low volume August run, I'll complete my objective. Then hold through October/November, as funds have no time premium. May hold 1/2 thru till next Spring, we shall see. The difficulty for me is attempting to time the ins and out on the retrace, just less demanding to buy at resistance and wait for test, for me.
Worst case scenario, I am looking for a retest at 1200(in terms of least appreciation of short funds)
I am willing to be patient, if it is the intention of the market to ramp some more, but I think September will present a variety of challenges for the newly minted bulls.
JMHO
James |
