Late afternoon SPX playing

I happened to sit back down just before 1500h and saw this nice setup in the SPX so I opened up my trading platform, entered SSO into my order box and waited for the appropriate moment to place a limit order for $23.60. I missed getting the order in but I noticed that the spread was only a penny so I didn't need a limit order to get a good inside fill, just a well timed market.

In at $23.64, just off the high from yesterday that was tested just after 1400h, medium strong positive tick. I rode the momentum up to the R1 which had just been tested earlier as well creating a nice bracketed target trade.

Out at $23.84, right at the peak as the price decided to head back down.

18 US cents per share. I forgot about the exchange so that adds 20% more profit due to the leverage action of the exchange rate...about $1.21 CDN for each $1 US.

I also noted that the ECN fees were smaller, 13 cents on the sale and none on the buy compared to 74 cents each way normally in the TSX.

SSO - Proshares Ultra S&P 500 ETF:

Just some notes on my playing this afternoon. I considered taking a short at the top (SDS- Proshares Ultra Short S&P 500 ETF) but figured one decent, albeit small trade is nice addition to the end of day for me. Besides, that would not have followed my trading strategy.

A final note, right now any trade that produces a net profit based on a good idea and well executed is a good trade.

Jeff.