Thursday, April 2, 2009

Market Rallying Too Far; April 2, 2009

Yesterday the market rallied unexpectedly after what looked like the perfect move in the morning when the futures were down so big. The market is showing strength again and I don't want to stick around with big positions I can't handle if it soars to the moon again. A break of the XLF and S&P highs will cause me to close at least half of my current positions and leave open only small hedged option positions I'm willing to go to zero. Stops are:

S&P 834
XLF $9.55 - $9.71 (depending on if the S&P broke above 834)

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