gowithetf

SPY Trading Plan for bullish day 1/3/13

Short
BATS:SPY   SPDR S&P 500 ETF TRUST
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For the bearish move, I would watch the action on Thursday and look to go short the S&P 500 by buying the 3x ETF SPXU if we show any indication late in the day that we are going to end with a close at or below today's close ($1,426). The key figures are:

Buy SPXU if SPY is at or below 145.70 in the last hour of trading
Stop order if the SPY goes against us and penetrates the upper resistance at 147.25
Target is the lower support line of the channel, 140.94
Risk is $1.55 or 1% (3% with 3x ETF SPXU )
Reward is 140.79 or 3.4% (10.2% with 3x ETF SPXU )
Risk:Reward 3.2

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