Friday

TheInflationist Up $1500 in Two Days

Post a Comment January 16, 2009 – 2:09 am |   | Permalink |  Print This Post |

Quick update on our trades in DJIA overnight. We opened a position for Dow at 8150 on Wednesday and got hit for our second order to open at 8050. We actually had another order to open at 7995 (but the low for the night was 7994 (sell) and the buy was 7996 (1 lousy point above our order to open!) So, as it stands, we have 2 long positions (total of $10/point) at an average entry price of 8100 (8150 and 8050). We would like to put a tight stop loss at 8230 for our 1st position). And to our surprise, we picked the bottom (for now) within a 5 point range! For those of you who just joined us, we posted our analysis for the Dow two days ago - and since then the DJIA did exactly what we predicted:

“Our indicators suggest support at 8034; which means it will most likely go slightly below 8000 briefly to take out the stops at 8000″

More updates soon our our analysis for tonight and trading plans. We will also post an updated table of our portfolio later.