Trade Ideas for 06/24/09

Narrow range consolidation today to follow yesterday's drop. The chart of the S&P now features a golden cross, the 50-day moving average crossing above the 200-day, but with the cross and both averages above today's high, it might have occurred under more auspicious circumstances.

Having now closed twice consecutively below the 50-day moving average (without having closed once below since late March), I'm going to continue looking for more bearishness in this market.

Current Holdings
Ticker	Basis	Closing Price	Perf.	Sell-Stop	Add'l Exit Guideline	Chart
DUG	16.54	19.67	+18.9%	18.62	N/A	Chart
SCC	61.84	67.70	+9.5%	62.62	N/A	Chart
QID	32.81	34.59	+5.4%	32.19	N/A	Chart
SMN	19.86	20.65	+4.0%	19.49	N/A	Chart
SRS	21.51	21.84	+1.5%	20.12	N/A	Chart

Some more short-biased ideas for tomorrow. At 2:15 PM ET, the Fed is expected to make its decision on short-term interest rates and general remarks on the economy. We might have a very slow day until that announcement is made.

New Trade Ideas

Ticker	Entry	Exit A	Exit C	Chart
VXX (VIX Short-Term Futures ETN)	80.28	77.16	75.49	Chart
SKF (Ultrashort Financials)	46.62	44.57	41.59	Chart
SCO (Ultrashort Crude Oil)	18.76	17.21	N/A	Chart

Please refer to "How To Trade The Ideas" (right-hand side) to read this table.