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Supertrader
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Active Trader and Money Manager with Main Street Options. With over twenty five years of business ownership experience, we help Charities, Corporations and Individuals take control of their investment capital. Our Trade Alert Service and Portfolio Management Services provides detailed... More
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  • Tapped Out Market, for now. 0 comments
    Jun 14, 2010 3:01 PM | about stocks: DIG, SLV, UWM, SMH, XLE
    Technically I believe the market is tapped out, the S&P is 80% on her charts and fighting to break above her 200 day moving average.

    DIG is 90% on the charts, SLV is 70% and fighting to stay above her 50 day moving average.

    Not saying that we can't go higher, the combination of option expiration and end of quarter "window dressing" can go along ways. But for me its time to add some downside protection, takes profits off the table or a little of both.

    The volumes today, like Friday's are very light, which makes it easy to push upwards. But its not a sign of strength. We also have the 4th of July holiday right around the corner. Overall, just a good time to be cautious.

    Disclosure: Long DIG, Long SLV, Short QQQQ, Short XLE, Short UWM, Short SMH
    Stocks: DIG, SLV, UWM, SMH, XLE
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  • After covering my XLE short position yesterday, I added it back today @ 52.83 also shorted the QQQ @ 44.65
    Sep 1, 2010
  • Placed some news shorts on XLE & QQQ
    Aug 27, 2010
  • Covered my last XLE short position today, sold covered call on UWM
    Aug 25, 2010
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