Thursday, January 17, 2008

Trade Update: QLD

I bought 200 shares of QLD this morning at $78.23. This is purely a short term bounce play. We are at August lows which may act as support, and Big Ben speaks today. The risk is we blow through the August lows and retest the March lows, which is a distinct possibility. This is why I am using a tight stop and small position size.

Remember, this is only a short term bounce play. I am still operating under a downtrend thesis.

I have been stopped out of all of my longs (TRA and GG) and took remaining profits in the AAPL short. I hope to update my trades this weekend.

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