Tuesday, November 1, 2011

Update and targets

After a big gap down today, we closed the second gap that I mentioned yesterday. I'm now looking for the 120 level on SPY, near the 50d MA on the daily... Below is the 30min chart. If we get gap down again tomorrow, below today's lod, I'll look to buy in the area highlighted by the circle. If we open in today's range, I probably won't do much unless we breakout of that range, one way or another. If we gap above the range, I'll look for support near the 123 area to get long.

I covered my FAS short from 2 days ago, for some nice gains today, also took a day trade long in some TNA and short TVIX right at the open. Otherwise, my swings aren't doing much, RENN and MU are back to breakeven for me (only 1/2 size), I added some GNW and took a small loss in YOKU today.

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