We are still range bound on the SP500 (855-920) so I will begin to cut my short positions into tomorrow's session as we near the bottom of the range. Of course, this sell off could be "THE MOMENT" we break 855 (which has already been tested 4 times before) but I continue to believe that Obama entering (even better Bush exiting) + $350 billion in additional TARP funds will give this market enough "kool aid" to stave off execution (aka a trading range breakdown). Besides my portfolio was UP 3.5% today, so I can afford to be more conservative.
For FAZ:
If the XLF hits $10.40 (currently $10.90) then I will sell 50% of my position. I will only cover entire FAZ if the XLF creeps back above $11.35.
For SRS:
If VNO hits 49.75 then I will sell 100% of my SRS position. If VNO gets back above $56 then I will cover.
For DUG:
Unless XOM jumps to $80 I will continue ADDING to my DUG position (THAT HOW MUCH I THINK XOM IS OVERVALUED). However, I will sell 100% of DUG if it hits $30 (currently $26) or when XOM hits $71 (the tracking error on these proshares ETF's are egregiously stupid!)
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