Here's the Dead Cat

Aug. 27, 2010 3:04 PM ET
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Contributor Since 2010

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 information of when to enter trades and when to exit trades. We work with the largest ETF's instead of individual stocks for many reasons, as ETF's move in the direction of the overall market and are not subject to earnings misses, downgrades or CEO issues.

Well here's our dead cat bounce, how far will she go? It would not surprise me at all if we're triple digit red on Monday, that's how far...

So it was a good day to eliminate some purchase obligations by buying out of some sold put positions, which I did on UWM, QQQQ and DIG. Also placed some new short positions on the QQQQ and XLE, that's how much I beleive...

But on the other hand, I would welcome another couple days of green. I also purchased myself out of some SLV Sept $17 puts because of where SLV charts are, pegged at the top. The reason I bought myself out of those trades is to enable me to re-enter them when her charts go to the bottom, which hopefully will be very soon.

For now, enjoy the green, your weekend and let's see what Monday is going to look like.

Sincerely,

Disclosure: Long DIG SLV VXX Short QQQQ XLE XRT

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