Tuesday, July 24, 2007

S&P Drops 30 Points Tuesday


Monday night we wrote
"We will trade the market long above today's close."

Without yelling "Fire" in the theatre, our comment was intended to be a very subtle warning. To maintain our integrity let me disclose this - We did not expect the S&P to drop 30 points! Last Friday we did expect it to drop 20 points and we were spot on, today we simply wanted to be very careful with our naturally bullish nature. To make a long story short, the market never traded above Monday's close.

However, we did take some nice intraday long trades during our 2 hour broadcast, but our final call for the day on air was, "If you want to make money, just be short". That call came around 1539 on the ES Emini. The market proceeded to drop all the way to 1517 or a 22 point drop. Simply as a point of reference, 2 points a day on the ES Emini equals a 20% daily return. We dropped 22 points on the call. You do the math......... and tune in tomorrow.

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