Thursday, November 5, 2009

SPX Morning Update: 11.05.09

Im not one to beat chests or anything but here were my forecast from last week:

Forecast 11.01.09 <-- click here>


Forecast on 11.02.09 <--- click here>

so the decision?

I took some cash positions already with a 1.6%+ pop to the upside on the SPX this morning.

My C Position was closed out awhile ago in the low 4 range and I will be looking to re-enter for a very short term frame as momentum and support point to the upside I await for more indicator confirmation and will play it conservative as my aggressive and risk management lacking style cost me a relatively small lost (and overall was a good trade turned bad due to a poor disciplined approach). Ill be sure to be aware of my time frame this time and apply the appropriate stop losses and calculate my risk reward ratios.

My SGP died and became MRK ...... but not quite yet totally. Overall my SGP play ended up higher but on the lower side. I should have went out all cash instead of profit taking while prices were in the low 29 range; though I thought the FTC would take much longer to approve the merger. Overall this has been my best equity trade in terms of profit performance over short and long term.

So right now I await my core index holdings to break even or go slightly positive to avoid a tax fiasco so i can make a much more dynamic portfolio.


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