Friday, July 12, 2013

07/12/13: Closed short, opened long, late to the party

Markets have gone on a tear plowing through every target thrown at it.  Markets never cease to humble the most steadfast traders.  I can't imagine all the shorts getting creamed in this massive runup.

Don't give up.  Learn from your mistakes.  Fail and fail a lot but learn from those mistakes.

I am switching to posting UPRO and SPXU charts.  It is much easier to chart expected targets after gaps form.  They also give me a better idea on the CCI charts.

The next timing window is at the open 7/15 so I opened a long UPRO at the start of the last hour.  To my delight, SPX popped huge relatively speaking at the start of the hour.  Is it possible that I am reading the right cycle?  How did it start the moment I put on a trade?  Anyway, the disappointment is that UPRO ended only +0.03% while SPX finished +0.31%, WHAT THE HELL???  I guess that's the risk you take in participating in these levered instruments, but I am usually in them for very short amount of time.

Entry: standard size UPRO @ 71.26
Stop: UPRO @ 68.45 (setting this to below the start of the gap)

Next timing window: open @ 7/15 Monday
Next major window: morning @ 7/17 Wednesday (Bernanke semi-annual meeting)

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