$UTIL Ready to Move Higher?
Oct 02, 2008

Add to my thick book called "Sold Too Soon" my SDP position. $UTIL has continued to move down, although it hasn't violated the 281.6% retracement which was the basis of my (somewhat hasty) sell. Anyway, I'm looking for it to bottom around here and move up to the pink oval I've drawn. Should this happen, I'll gobble up SDP again and hang on for a much bigger drop.

I will mention my "knife-catching" exercise with long positions isn't going great (although the gains elsewhere are so good today it doesn't even matter). I bought GGP and got distracted so I neglected to set a stop. A couple of hours later, it was down about 40% from my purchase price! Ouch! In any case, this waiting-for-a-bounce is anxiety-producing. I'm not sure how strong I'm going to hold on to these NDX calls. Things still look terrible out there.