The TradingEdge

[Mike_Mac]

Had FAZ from yesterday. just took profits here at 57. Usually this is the best pt to do it (say 15 min or so in front of a big report like this. Seems like expectations are too negative here. Regardless, thinking I have a decent chance to get back in on FAZ, TZA or TYH a bit later. This 1190-95 area on SPX looks like decent support. Could see if 1180 or so if market breaks down intraday, may be good place for swing back up. Not in any hurry here though...want to see how market absorbs this news and then how it will position itself going into next week (so events coming out next week regarding Germany on Sept 6 think as well as other items). Mike