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Once more into the breech?

Over the last few months, going back to mid June, I've taken short positions against the S&P via SDS on several occasions. The use of stop losses kept the damage to a minimum, but regardless if one is pecked to death by a duck, or trampled by a bull, the end result is the same.

Finally, getting tired of the "pecking", I opted to content myself with just keeping a defensive posture by upping my cash holdings,somewhat, and adding some foreign debt. Its paid off, as the S&P has dropped by a whisker over 3% over the last 2 days, vs. a drop of 1.26% in the portfolio.

I'm still in the camp that says the market has gotten ahead of itself, green shoots or no, and had been looking for the S&P to get closer to 1045/1050 before giving SDS another whirl. After the action on Tuesday, that doesn't look likely, so I'm looking at the charts, trying to plot out another trade in SDS. I'm still thinking in terms of a short term trade, with an exit somewhere around S&P 950/960, subject to any new developments.