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Just Closed My Short S&P Position

|Includes: SPDR S&P 500 Trust ETF (SPY)

 I have just closed my S&P Futures position at 878.50. The financials opened strong and I fear that they might rally. Bank stocks are tricky and we never know what to expect. Maybe the upbeat moves in banks are related to this Bloomberg news, "JPMorgan Chase & Co. stands to reap a $29 billion windfall thanks to an accounting rule that lets the second-biggest U.S. bank transform bad loans it purchased from Washington Mutual Inc. into income". The usual mess.

I have also closed half of my short oil position so I am pretty light, sitting on the cash I have just made. 

Maybe I will re-short S&P`s later on.

Have you read the article I suggested you in the last post? Very good material. (posted on the Oil Trader`s Blog)

Oil Trader`s Blog is a website for active online futures and stock traders. I will provide my real time trading decisions and my market thoughts on this webpage. Trading is not as hard as some think and definitely not as easy as some wanted it to be.