The S&P 500 Index swallowed a loss of 12.7 points, closed at 1091.84 today. Everyone returned from the three-day weekend and decided to hit the sell button. U.S. stocks fell Tuesday as European banks weighed on financial stocks and investors. Fears that European banks may be in worse shape than indicated by recent financial stress tests spooked investors. Investors are questioning the shape of the banks, because reports are saying that their sovereign debt holdings are weaker than previously thought.
I still shorting this market. My holding was up 4% today. I supposed cover 1/3 of my SPXU holding today, I set the sell limit order at 31.38, but the high is 31.34, no luck. If the market gap down tomorrow, I will cover 1/3 to half of my position. I think market is going to retract and resume the short term uptrend soon. Therefore, I must cover my short at next support 1090 and 1080 , it will be helpful if market open weak tomorrow morning.
I want to wait until market run up to 1115 to 1125 before adding more short position. And if market cannot break the last Friday high 1105, this short term rally will be ended soon.
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