Bear or bull? The market is never wrong.

The market is never wrong, or the price is the price.

I have not been doing too much other than a little additional research into my longer term trading ideas lately. My RRSP account that I am going to use for these longer term trades is just online now, I need to wait while it gets linked to my main trading platform so I can use any of my accounts just by selecting a tab. Very handy.

Last night I was reviewing the state of the market in general and I noticed how the TSX was weakening. While everyone was going on about the rally and how it may indicate the end of the recessions (HUH?) the charts are pretty obviously not agreeing, the charts represent everyone who has a stake in actually putting their money on the line based on the market. declining volume on increasing price looks like it's time to get short to me...so a limit order on HSD (Horizons Beta Pro S&P 500 Bear ETF) for $37 was my target. I cannot short in my registered accounts so this is the next best thing.

I was spending some time updating my trading software at lunch and spending some time online with the broker to clear up a few issues so I checked into the HSD chart... the low today was $36.70...so I would be in at $37 give or take a cent. If I had been watching it during the day I may have gotten in a bit lower. Either way I would stop this at $36 as if it breaks $36 I was wrong on the trade.

Ideally I might wait until today was done and gauge the entry for tomorrow seeing as the range is pretty narrow. For curiosity I will go with $37 and see what happens.

Jeff.