Spiga

Midday Equity close of short position

May 20th 2008, we initiated a short on the overall market, SPX/OEX and select positions. Today we have closed those positions at 2K dow points lower! We are still holding on to WMT and Wells Fargo Shorts, among a few others and riding this bounce with select financials. The market has completed most of its head and shoulders top, although we needed another 3% or so drop to complete the right shoulder perfectly. WE still advise selling into strength any positions as we get ready for another drop later in the year which may mark the final corrective move in this cycle before the market goes sideways for another 6 months. Trend is down, rally is a trade long.
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