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Ain’t it good to be back in again? (SDS)

After a quick jettison of the go-to trade on QLD, I took a small short-term short position this morning, picking up 300 shares of SDS (double-short the S&P500) for $30.44 at the open.

I was thinking of doing this last night, but wanted a little “peek” at morning market conditions.

My bet is that the 50 day moving average will serve as a resistance point, and that a fill of Monday’s (5/10) upside gap is more probable than not:

A close above 1185 on the S & P will prove me wrong, as I’m not looking to lose a lot on this one.

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