Rise of the Silver Surfer - June 15, 2007

I should just take the expiration week off!

I expected today to be a blow off, and the market did not disappoint. I shorted overnight 1547 & 1549.50. I was looking to capture a data driven electronic spike, and then quick reversal.

Instead, we are getting one of those slow and painful spikes, which means a lot more people are going to get stopped out before we see the retracement. It could be next week before we see the retracement.

We ended the six day streak of S2s with two S1s. Clearly we are returning to bull mode.

This means that "BUY THE DIP" will come back.

I am going to try to hang on to this short without getting stopped out. My stops are 10 pts 1557 & 1559.

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P.S. I covered at 1547.50. So I ended up making 0.75 pts. Not great. It was a bit of a punt trade. My guess is that if I held one more day, the gap would fill. Oh well, time to move on.

I survived the great Rise of the Silver Surfer!