Friday, January 02, 2009

Trade: FAZ

While not at extreme levels, the market is starting to get a little overbought. The T2108 reading is above 70 and many individual stocks are posting stochastic readings near 70-80.

While not making any big bets yet, I took a small probing position in FAZ (entry at $35.09), which gives you 3X leverage short financials. Price is near support and stochastics are starting to get oversold. My stop is in place under the price support level.

I also took partial profits in my oil trades, DXO and USO. Stops have been moved up to entry level.


walter said...

nice to see your charts in prophet charts

The Market Speculator said...

I'm not sure what you mean?