es covering that is (you guys are sick). So annoying! I have been nice and short the ES the last couple days but stupid Boehner had to speak Thursday so I covered up lest he say something like, “I’ve solved America’s debt problem” which would have rocketed the market. Alas, that was stupid as there isn’t and can never be a solution to America’s debt problem (duh).
Anyway, I’m short again overnight in the new March ’13 ES contract (ESH13 – symbol will depend on your futures platform). I’ll keep you posted on performance, but I have an inclinaton to just keep this on until the end of Q1 next year. I don’t typically swing trade like that, but I just don’t see the upside fundamentals here other than, of course, everyone’s belief in the Fed being able to print our way to prosperity!
UPDATE: Covered it before the open. Nice gap fill, thinking of fading this…
-EyeWall
