Pile it on

I'm putting my money where my mouth is. I'm piling on another 100 sds. This grizzly smells blood in the stream from an injured bull. Bought at 35.8 with a stop at 34.8.

Oh and Gold to new closing highs today!


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More destruction ahead

We closed today below major support in all major FX crosses --euroyen, eurodollar, Aussiedollar -- and this portends further weakness in the equity markets as the new deleveraging cycle accelerates. Capital flight is occurring in the European market which is driving FX markets which is in turn driving the dollar which in turn is driving US stocks (along with energy uncertainty from the BP spill) lower... In turn driving gold higher? Got that?

I expect more of the same the rest of this month and quite frankly the rest of this year. Short term setup on the s&p puts us at 1014. We will likely get there next week.

Be safe and get hedged If you are long -- it's about to get ugly.


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Beep Beep Beep

Backing up the truck.... bought 300 more UltraShort S&P 500 SDS @ 34.7 with a stop @ $34.

Total position: 500 SDS, or roughly $17,500 short with 2X leverage $35K short.

Reshort at resistance

Bought 200 SDS @ $34.30

I'm out of my shorts (really naked now)

34.6, closed all SDS for a "minor" loss. Let the bull parade begin up to 1150 where I may short again.

I'm a happy trader

Bought 300 UltraShort S&P 500 (SDS) @ 35.16, stop @ 34.1

I'm only going to track the SDS in the blog and not on the positions list as I am in and out of it too quickly here since this bear move began.

SDS

Sold 200 SDS @ 37. Will reshort if the market closes in below 1050 about 10 minutes before the close.