We have finally reached the shorting zone! I recommend the following progressive averaging for shorts:
- At 975 - 10% of your position
- At 985 - 25% of your position
- At 1000 - 30% of your position
- At 1015 - 35% of your position
This is a "progressive averaging in" that will give you an average cost of S&P 999 if all the position entries are hit. Your Stop is 950 or a 5% loss. Our objective is a retest of the lows at S&P 666 with a return of over 30% meeting a 6 to 1 objective (potential gain to loss).
Good Hunting Out There!