Monday, August 23, 2010

Updated Count August 23rd

I ended up buying back my 1/2 short position at the close at 1067. I figured if I am wrong on the ABC count, I will be 200% leveraged on the way down. But if the ABC is correct, I will sell my FXI hedge in the 1085-1090 area and have a nice profit cushion to trade with. Given the fact that home sales numbers are coming out tomorrow and they are surely going to be horrible, this will give an excuse for people to do more selling.

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