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Wednesday, September 03, 2008
A Late Decision - Covered E-minis
It's 6:40 pm New York time as I write this. I have been looking at the e-mini action today against the context of the broader market and in particular the advancing issues numbers. I am beginning to see some bullish clues there and the market's refusal to drop below 1265 today is a worry.
On the better-safe-than-sorry principle I have just covered my short e-mini position at 1276.50. I am now flat.
I shall take another look at things early tomorrow but I no longer am very sure that we shall see 1250 before a strong rally starts.