Short the Market ! Initial cliams rose to 497k -> Short --> $940 profits
5 min Emini Nasdaq 100
Hi,
The market gapped down slightly... We are still unsure of the bailout package... The Labor Department reported that the number of people seeking unemployment benefits rose to 497,000 last week, reaching a 7-year high....
All the news surroundign the market is negative.. It is gripped in fear and panic...
Stochastics, short-term MACD cut the signal line, I shorted 1 contract at 1555. and I put my stop loss at 1560... market is volatile recently and I am not prepared to lose too much on my position...
It turned out that price stayed below my yellow moving average throughout the day... I only covered my position at the end of the day at 1508 with $940 profits...
You could have made more if you shorted more contracts.. But I wasn't too sure of market direction because of recently volatility..