Wednesday, March 04, 2009

700 Pivot

False alarm last night, as the world was not for sale (early-on) today.

I reduced short exposure significantly in the pre-market, on the heels of the negative ADP employment report (which gave me at least a graceful exit).

I'm only 36% invested now overall and currently only 1.38-to-1 net short. I intend to try turning long again today if the market is reasonable on the tape after the first 15-30 minutes of trading. Sub-SPX 700 is a reasonable pivot-point for staying short, while >710 or so would indicate to me that at least a brief counter-rally is in play.

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