11 July 08

It has been many months since my last update and in that time I have traded in and out of many positions. My worst draw down was as a result of the fed stick save in march that rallied the market up to the 1440 area in June. I had my 1st margin call as a result of the stick save rally and deposited another 2k into my account. In fact at the peak of June my margin was so tight that I was only able to trade 1 contract at a time until the market fell back enough and grew my cushion enough to start trading up to 4 /ES contracts at a time. Currently I am short 2 /ES and 1 Gold contract into the weekend. Year to date my account is up 84.3%

My outlook is still bearish stocks and looking for a target of 1170-80ish before a corrective bounce might occur. I'm continuing to stay long Gold and moving my stop up as the market rallys.