As I told you a few days ago I was looking for a new opportunity to short the S&P Futures again. Well, here I am. I have shorted S&P Futures after the close of trading today at 907.75.
In my NYMEX Crude Oil Futures position I am off the money by over 1 dollar per contract. The problems in Nigeria and the rally in equities were to much for any short position to prosper.
I like to sell the S&P`s on strength and buy then on extreme weakness. Let`s see if the market sells off in the next few trading sessions.
I recall a Jim Cramer famous quote, "We are all wrong so often that it amazes me that we can have any conviction at all over the direction of things to come. But we must."
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