Trade Entry: SSO

I’m taking another stab at SSO, long 200 shares at $34.81.

I noted both in the blog and the Trade Report that I would like to buy in the $35 range and my limit order was filled at the open. I have to admit I am a bit surprised that the market is not doing more with the rate cut this morning. I thought this was the news item that would finally give the market the push it needed.

Thus, while I’m not overly optimisitic about this trade, I can’t ignore the historic oversold levels (T2108 at 2) and bounce potential. As with all of my trades over the past three weeks, positions size is small and the stop is tight.