Friday, November 13, 2015
We sold SPY short at $206.4 on a ST basis (added to the 100k trading portfolio challenge). Stop is at ~ $1.5 (break even) now that the position has returned $1.5 in our favour since started.
Previous market update here
Been a while since the previous market update but there hasn't been any updates as such.
ST - Sell/ Short
IT/ LT - Buy
Pundits are blaring now (as usual) that this is a continuation of a bear market started in Aug 2015. While we have many tools to look at that point of view, we are highlighting one of the gauges in the chart below:
Market hasn't entered a correction or was never in a bear market (in the last 15 years or so) when GE (General electric Inc.) hit new highs.
While we are short on our ST positions, we don't see this as a IT/ LT sell (/short) yet. Atleast the evidence doesn't point to that yet.