After booking some nice gains in the S&P UltraLong ETF (SSO) early this morning, I essentially waited out the market for the rest of the day. Towards the end, as the market was rallying into the close, I used the opportunity to load up on two new short positions the S&P ETF (SPY) and National Instruments (NATI).
The premise for both of these trades is that the gains we saw today were merely from the market being due for a dead-cat bounce. Now we could get additional follow-through tomorrow as well, at which point, I will look to add more positions to my portfolio - one stock in particular that I have in mind is ENI S.P.A (E).
SHORT: SPDR S&P 500 (SPY)
Click Here For The Chart on NATI.
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