Following a 6.2% return on my first day of betting against the market, this morning I queued the purchase of more Proshares Ultrapro shorts. I got 50 shares of 3x inverse of the Nasdaq100 (SQQQ), 100 shares of (SRS) 3x Short Real Estate and 100 shares of (SDOW) 3x shorting the Dow30. Hope my trades occur at or near yesterdays closes. This is one of the few times these none-diversified funds could have changed value during premarket trading as everyone runs from their primary holdings.
Market has closed. My Positions: +67.40 / +0.6971%
Day Low (154.00)
Day High 90.54
Well so far I’m down 140 points this morning due to some small rally taking place around jobless claims. Could have been cause for a real rally last week. Now this good news struggled to push the Dow up 75 points and the S&P 500 8 points. They are both falling now. If I’m lucky I’ll finish the day flat or close to it. Holding the inverses. The worst is yet to come.
Now it’s like we’re beating the market with a blunt object and it just won’t die. Grasping for breath. Please, please don’t let me go! Yet it cannot withstand the repeated kicks from Washington. It is going down with a fight. Those last few people who feel like today’s low, which we just hit, afforded them key buying opportunities brought the Dow back up into the double digit percentages for a last breath. But it only lasted seconds. Slowly and painfully the last hope for a market holdout on debt ceiling negotiations is coming to a close. It’s official, pain in the forecast.
On to 4 o’clock and the beasts final demise. Tomorrow will be the day of the dead. I will prosper.
…and there went the flip. The Dow is in the red. Today’s index gains are falling quickly. The Russell 2000 is .55 cents from red. UltraShorts on Real Estate and The Russell 2000 index went green first. For some reason the Nasdaq just won’t keel over. Quick look at the techs: Microsoft, Dell, IBM, Intel all up. They’re running to the techs as a last haven. Silicone will not save you.
And finally, after a long day of futility I’m back in the green. Up 79 points heading towards the close. Not much of a gain but not a loss. Could be up 100 if the wind keeps blowing the same direction for the next 14 minutes. Even the short on the Nasdaq30 looks like it may take a turn.
Whoa…what’s this? A late little rally – pushing back. Could the final trades be a small upswing instead of the typical fall? Only the next 9 minutes will tell. Market’s really volatile right now.
Market has closed. +67.40 / +0.6971%
Day Low (154.00)
Day High 90.54