SSO

[AussieTrader]

Profile:

Ultra S&P500 ProShares (the Fund) seeks daily investment results that correspond to twice the daily performance of the S&P 500 Index. The S&P 500 Index is a measure of large-cap United States stock market performance. It is a capitalization weighted index of 500 United States operating companies and real estate investment trusts (REITs) selected by an S&P committee through a non-mechanical process that factors criteria, such as liquidity, price, market capitalization, financial viability and public float. Reconstitution occurs both on a quarterly and on an ongoing basis. The Fund takes positions in securities and/or financial instruments that, in combination, should have similar daily return characteristics as 200% of the daily return of the Index

Trade Idea:

I am putting a few broad`index ETFs on watch as we could be seeing the Govt intervention of the past few days signalling a market bottom.

The short sell ban on financials can also give us a tradeable situation`in the financial sector which we can potential cover either with a broad ETF or a specific stock. That said if / when the short sell ban hgets lifted then we need to tread very carefully.

No trade plan yet, but SSO is on watch. Will also be watching the inverse ETF of the S&P500 SDS.

Trade Plan:
On Watch

[Ramsburg]

Update:

Following the Market Comment published today, we're opening a position in SSO today.

This ETF replicates the S&P500 performance in double, that means that in a rebound scenario it will perform 2 times the S&P500.

Trading Plan:
Buy SSO today (10% exposure), we'll be setting a stop near yesterday's lows.

[Ramsburg]

Update:

Neutral developments for now, I'm setting a suggested stop level.


Trading Plan:
Hold SSO with suggested stop near $26

[AussieTrader]

Closed SSO 23/10 $26.00