No guts, no glory!

The DJIA

I am holding shorts here at the open. The DJIA is flirting with the support level we talked about yesterday at 10377. 10353 looks like the next support level. I am holding shorts here with profitable stops at 10453. Short/profitable

OIL

The hypesters and fear mongers are out in full force today regarding hurricane Rita. I have stepped back into the game, trying to capitalize on the waves of good news that may surprise. Shorting oil again at 67.80 averaging my cost to 66.88. As a speculator, I see this trade as taking over uncertainty based on my conviction that oil has topped and Rita will prove to be not as damaging as projected (if it all). No guts, no glory. Just remember, these trades are highly risky, be sure to position size properly! Short/loss

US DOLLAR

The shorts entered at 1.2213 yesterday are continuing to move from from profitable to not. 1.2185 seems to be support at this time. Holding shorts here. Short/profitable

Equites

(DAL | Quote | Chart | News | PowerRating) My bankruptcy play just announced a plan to cut 9000 jobs becoming lean and mean. Still watching the 1.03 level to enter longs. Flat/long bias

(GOOG | Quote | Chart | News | PowerRating) Unreal! This search engine continues to defy gravity, exploding skyward. Watching and waiting for the breakdown to short. Flat/short bias

(EBAY | Quote | Chart | News | PowerRating) Closing and taking profits. I closed this short at 37.33. Closed/profitable

(IBIS | Quote | Chart | News | PowerRating) Keeping on watch list with a go long target of 2.03. Flat/long bias.

(ALL | Quote | Chart | News | PowerRating) As expected, this insurer experienced a nice sell off this morning. Shorts were triggered at 51.50. Holding at this time. Short/profitable.

Best wishes in the market!
Dave G

David S. Goodboy (marketsurfer) has been trading professionally for over 14 years. Mr. Goodboy trades ETF's, stocks, index futures, energy futures and options. His primary focus is a unique multi-time frame index trading system based on a combination of time/price cyclical studies and statistical models. David was a trader/partner with Biltmore Capital, traded with an option arbitrage firm, and is currently in the launch stages of IntrendX, a global multi-strategy fund.