Trade is now in positive territory at 68.30 as Energy & Materials pull back today, the catalyst for my trade; a reversion in the financials has not exactly panned out as WB, BAC, C, and other banks have remained higher after the Naked Short Selling legislation...Will bump up my stop-limit order to 67.60 or so to lock in a profit...
Edited 8/4
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As the trade has once again moved in my favor I have decided to bump my stop limit up towards (-3%)or 65.15, no sense in losing money if you do not have to. I have learned to get away from a losing trade asap or within a certain margin for error.
Thoughts: Selling an entire index short is not an easy proposition because there are components of this economy/market that are working and right now Fiscal policy is doing everything they can to make sure this economy recovers in the short run.
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