Monday, December 8, 2008

Added to Long Positions; Dec. 8, 2009

In the interest of full disclosure I just added to my call option positions going long the SPY (ETF long the S&P500). The Dow dropped to 180 and that's where my order triggered exactly. The market is showing weakness on the 15min charts, but as we've seen in the past from these bear market rallies, that means nothing in the early stages. I see a sharp rally today and the following days this week in a strong large wave C taking the S&P towards 1000. So I bought more call options just a few minutes ago to protect myself from that surge if it happens. The rally so far looks incomplete, so any weakness this afternoon I will most likely cover small amounts of my short positions.

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