S&P 500 Update
We got the breakout I was looking for, now the real test comes near 875. Most likely, we will trade in a range from 875-800 for a few weeks (orange channel).
Now on to the championship, it looks like it will be Wabisabi & N00b in the championship with their respective picks in TZA & TWM. I was really hoping a 3x ETF would not win, but these instruments are so powerful (especially on the short side) that it was almost guaranteed.
My apologies for allowing these instruments to play in the contest, it won’t happen again. If you learn anything from this, it is that all leveraged ETFs are made to be shorted.
Happy Easter!
7 Responses to S&P 500 Update
r.c. you got it pard, lev etfs are to be shorted only. noob, gl, market up you lose, market down, i lose. you can toss my steak knives into the monster cans and ship the entire lot to j cramer c/o cnbc.
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Yeah, kind of lame the way it worked out,especially since we’re both short the same index.( I either lose or win by losing less). It’ll be much more interesting as a straight stock picking contest. Good luck Wab.
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If only my short FAZ was still in play!
Instruments of destruction.
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Happy Easter to you too, RC. I’d be curious to know how the contest would have looked if the totals were cumulative.
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@ Moober, Click on tab at the top for cumulative scores: http://spreadsheets.google.com/pub?key=pgO4gR12THCl9–GMNNCnfA
STP is the real winner.
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What’s up RC – just wondering what your thoughts on oil are at these levels? Been looking to get into the DXO in the $2.70′s but now I am thinking no. I read the IEA report today and the global demand outlook looks bearish. I am looking forward to CPI numbers as well. I am thinking if CPI is negative, this could really put downward pressure on crude because the deflation shorts will get in. Have a good weekend man
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