E-mail said cover the short at the close....period. I have
to admit that I went against the system and kept my shorts open
(IMO this market is way too overbought for the SPY not to drop at
least a few points from here), but it was disappointing to see the
system cover. If it were me, I'd be adding shorts right here,
not covering.
Posted by burkmere on 10th of Feb 2012 at 01:45 pm
Pebs, If someone was watching the market (some of us aren't...we
rely on an email) and deduced that there wasn't a drop in the last
20 minutes (I received the email at 12:40 Pacific Time...20 minutes
before the close) one could "reasonably assume" that the short was
covered. However, there was room for doubt because the email also
said this and it's an exact quote.
"I do not have a definitive price to reference which would keep
the trade on but
we will monitor closely all the way up to the
closeand send an immediate alert referencing a price when we
have one. "
So, not to beat a dead SPY System trade, Pebs, but the email did
not say cover your short period. It should have said: 1. If
you do not see an additional post on the web site (like is
generally posted for these trades) then cover the short at the
close. Of course, I could nit-pick a little further and ask
why we didn't even receive an email until 20 minutes before close
and nothing was posted on the site until 16 minutes before the
close...but I won't nit-pick.
All that said, I didn't close it. I have mixed feelings, of
course, because the System thus far has not produced good results
since it started (I believe that was in May) but I am glad I'm
still short. :) I'm still giving it a chance, but it's got a
LOT OF 'SPLAININ' TO DO!! :)
Yes but that same email also stated "As it currently stands the
SPY Swing system will cover the current short
AT THE CLOSEand go to cash awaiting a new
signal. If we were to see a pullback into the close then it
is possible the closing would be negated but as it stands right now
the system is calling for a close of the trade." It was my
fault. I had my templates and actually deviated to give you
more insight. A mistake I likely won't make again.
Good thing you chose not to nit-pick cause you would be really
off base. I think you might be forgetting what the system
stated clearly before when the system first launched and I believe
the note is still listed on the details page that alerts would be
send with-in the last 10 minutes of the trading day (I think it
says something like "10 min or so"). Matt and I have made a
diligent effort to get any such alert in the hands of members much
earlier so you have time to read and react but if you want to just
note when we said the alerts would come out, yesterday's alert was
actually inline with what was stated when the system
launched. Anyway without going into further details alerts
can also only be sent when they are made available which some
members seem to thing the bells ding in the morning and we know,
not the case.
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No ambiguity here
Posted by pebs on 9th of Feb 2012 at 09:32 pm
E-mail said cover the short at the close....period. I have to admit that I went against the system and kept my shorts open (IMO this market is way too overbought for the SPY not to drop at least a few points from here), but it was disappointing to see the system cover. If it were me, I'd be adding shorts right here, not covering.
Not really....
Posted by burkmere on 10th of Feb 2012 at 01:45 pm
Pebs, If someone was watching the market (some of us aren't...we rely on an email) and deduced that there wasn't a drop in the last 20 minutes (I received the email at 12:40 Pacific Time...20 minutes before the close) one could "reasonably assume" that the short was covered. However, there was room for doubt because the email also said this and it's an exact quote.
"I do not have a definitive price to reference which would keep the trade on but we will monitor closely all the way up to the close and send an immediate alert referencing a price when we have one. "
So, not to beat a dead SPY System trade, Pebs, but the email did not say cover your short period. It should have said: 1. If you do not see an additional post on the web site (like is generally posted for these trades) then cover the short at the close. Of course, I could nit-pick a little further and ask why we didn't even receive an email until 20 minutes before close and nothing was posted on the site until 16 minutes before the close...but I won't nit-pick.
All that said, I didn't close it. I have mixed feelings, of course, because the System thus far has not produced good results since it started (I believe that was in May) but I am glad I'm still short. :) I'm still giving it a chance, but it's got a LOT OF 'SPLAININ' TO DO!! :)
Yes but that same email
Posted by tom on 10th of Feb 2012 at 04:13 pm
Yes but that same email also stated "As it currently stands the SPY Swing system will cover the current short AT THE CLOSEand go to cash awaiting a new signal. If we were to see a pullback into the close then it is possible the closing would be negated but as it stands right now the system is calling for a close of the trade." It was my fault. I had my templates and actually deviated to give you more insight. A mistake I likely won't make again.
Good thing you chose not to nit-pick cause you would be really off base. I think you might be forgetting what the system stated clearly before when the system first launched and I believe the note is still listed on the details page that alerts would be send with-in the last 10 minutes of the trading day (I think it says something like "10 min or so"). Matt and I have made a diligent effort to get any such alert in the hands of members much earlier so you have time to read and react but if you want to just note when we said the alerts would come out, yesterday's alert was actually inline with what was stated when the system launched. Anyway without going into further details alerts can also only be sent when they are made available which some members seem to thing the bells ding in the morning and we know, not the case.