Par on this hole - May 24, 2007

The market traded exactly as planned. How rare, indeed!


I covered the first tranche when futures hit 1513. I missed out on the bounce to 1517. The market had broken all my technical levels, so I didn't want to be too greedy, but I wanted to ring the cash register.

I covered the final tranche near the close at 1508. My read of sentiment and the market was that it needed to close near the lows in order for us to get the S2.

We got it.

Now, the odds are that it will bounce. However, I want to trade it in paper. I had a good week. Why risk it?