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Unfortunately this week was not a fun one, since the Monday morning spike over S&P 1120 stopped out most of my individual short holdings hours before the market began a retreat of some 40 S&P points. Talk about a classic head fake.

One of the two remaining short positions that did not get blown out is Energizer Holdings (NYSE:ENR). I am going to use this morning's selloff to cover the position in the mid $53s, and take my 4% gain. If the stock can get back to the $56s I'll restart a new short. (Click to enlarge)

A lot of people smarter than I are saying S&P 1080 is a good support level to bounce off of in the near term. I don't see it (I've been favoring 1070) but if the herd believes it, it can self reinforce.

Disclosure: No position

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Source: Stepping Out of Energizer Holdings