It’s been an interesting week. At times it really looked like the market would roll over. But by Friday, it close out the week only couple of points down. As the chart of SPX above shows, the recent upward moves of last week, have caused the 10 day MA to rise just 2 points above the 30 day EMA. But I’m not saying it’s a bullish market yet.
The possibility does exist however, that we will be putting something on next week. But this week was pretty slow, in terms on putting anything new on. We just didn’t have the right market action to warrant taking any new position.
Let’s take a look at our existing positions:
GES (Guess?) We’re down about $140 on our spread. We’ll maintain our adjustment point of $42.75. That’s where we’ll close the position if GES hit it next week.
GS (Goldman Sachs) We’re up almost $200 on this spread. We’ll move the adjustment point to $164 for next week. If it hits this point, we’ll take off the trade.
That’s it for now. The markets are close and it’s the weekend. So have a good one!
