Went Long TLT by Shorting TBT???
Posted on February 10th, 2009 in Stock Market |
Today’s action was sleepy on the overall market with little movement. In addition we are over bought and ready for a pullback. I decided to go long the TLT by shorting the TBT…huh?? Yes, I shorted the double short which means I went long….got that. The TLT did not fill the gap which it may tomorrow so I am holding on.
I also went bearish on the S&P and bought the SDS which is 2x short the SPY. The chart below is the SDS which shows good support at $70-71. We pulled back on lighter volume and should head up to the $90-95 range. Lets see how the market pulls back this week.
3 Responses
Shorting here is NUTS. Maybe after 60-65 I would think about it… around +80 would be a place to start building
a short position. TBT has just started to take off. I entered at 38 and keep moving up my 5% trailing stops. Of course I’m talking a +1 year time frame not over night.
I didn’t pick TBT out of the thin air… with Uncle Ben printing money 24hrs a day 7 days a week… no one will buy US bills and the dollar will TANK like it never has before. This is only the beginning of the DOOM of the US Dollar. This mess will take years to correct.
HH
This is a good call. Well done
[...] Yesterday I also went long the SDS which went up +9.2. I expect this to continue up to the 88-97 price point which means the overall market will head down. [...]