Technical Analysts FTW Group Forum » Short SSO

Short SSO

Element6_thumb Brokerage Account

Posted by element6 on July 24, 2009 (11:17PM)

Listening to CNBC, I feel like I am the only one in the world who thinks we are due for a drop in the SP500..  Man they really get into the face of people who are not bulls.  Today I shorted 200 shares of SSO ($29.07 early and $29.33 afternoon).  Really overbought and looking for downside to $27.

Nophotosm Brokerage Account

Posted by TheScaldedDog on August 02, 2009 (04:55PM)

I am new to this forum and to technical analysis.  Why short SSO rather than just buying SDS?  I am considering buying SDS before jobs report this week, thinking market should move one way or the other.  With the S&P/Dow breaking out recently, it should take some pretty bad news to fail this soon, shoudn't it?  If we are going to break down, I would rather buy puts.
Element6_thumb Brokerage Account

Posted by element6 on August 05, 2009 (09:43PM)

I am doing some expirementing.  I find that the ultra ETFs (especially the 3X) are all trending down due to decay.  I figure a short gets a little more bang for the buck than buying the inverse.  That being said, SSO has been brutal.  I covered half my position yesterday.
200428723-001_thumb Brokerage Account

Posted by BuyDown on September 19, 2009 (03:23AM)

I see a pattern, Ya, it sucks that a quarter million people lose their jobs every month, but here's the good news, it's better than half a million, and so called proof that the recession is ending and the economy is stabilizing. or the unemployment rate has dropped even though a quarter million lost their jobs. so i guess the good news is there were more people who lost their unemployment benefits than those who applied for it....?  In short "Less worse than expected" is the key, and bad news always has it's twists. so in recent cases I expect a rally on jobs data. I saw a reversal starting in the the market last week 9/11 than Obama and Bernike came out speaking about the recession ending & bla bla bla... and rallied this market. but i see another reversal beginning. I'm new to TradeKing and have no history, I'm new to charting, and have lost a lot of sleep making this 2nd nature. no more Jim Cramer or CNBC for me. "Buy Buy Buy!!!" no I don't want to buy your position while you dump your shares. good luck y'all.

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