Entries, Stops And Other Matters

The strong market action to the upside today provided an entry in RSX. The stop for this trade is listed below. I also continue to be short GS and AMZN with new stops listed below for tomorrow. I will be watching SDS tomorrow (chart below) as the rally today produced a nice pull back giving me a possible entry. SDS seeks daily investment results, before fees and expenses, which correspond to twice the inverse of the daily performance of the S&P 500 index. This means that when the S&P 500 declines this stock goes up. This is a great tool to use as it does not involve a short sale.

A fan of Jack The Trader has asked for my take on GE. The monthly, weekly and daily chart are below. All three time frames are up according to my system. I do see overhead resistance at around $18 and then again just under $20. It will take considerable momentum for GE to break both of these levels. I would continue to hold GE this week until Friday. If near the close on Friday the stock is trading below $15.59 then I would exit the position as this is where the weekly chart will turn down.

Here are my stops and possible entries for tomorrow:

GS - Short from $171.48. Exit on a close above $157.16
AMZN - Short from $118.87. Exit on a close above $126.41
RSX - Long from $32.62. Exit on a close below $31.42
SDS - Go long on a close above $37.22
TBT - Go long on a close above $48.41
FXY - Go short on a close below $109.38
DTG - Go long on a close above $25.69