Friday, March 27, 2009

Sold some long positions today (SPY, USO)

Today I sold my long positions in my SPY and USO. We may have a little more upside but I think we have moved too far too fast and I want to take a little profits. If you look at my entries for both SPY and the USO, I think I may have pegged the bottom for both of these ETFs for 2009 and I contemplated holding onto them for longer term but I am going to take profits where I can get them and move on to the next trade. I do not think we will test the recent market lows but we will have a significant enough retrace that I will be ready with cash in hand. I have yet to play the short side on anything. I honestly believe that if you want to truly be successful in this market you really need to be able to play both sides. I have a good understanding of the inverse ETF's, I am just more comfortable playing trades on the long side. In do time I dare say, lol.

SPY: In at 68.95, sold today at 82.06
USO: In at 22.93, sold today at 30.94

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