Shorting STI

[Goods]

Short @ 41.13

CITI calling for a 32 target. That's pretty bad

[Goods]

Added more @ 40.47 short

[Goods]

Almost broke under 40 with strong selling into the close. Like to see it follow through and slide into support around 37. So far so good.

[sachsich]

Goods,
Nice work! do you see it going down tomorrow? is the main reason you shorted this one because of citi and what else? just curious and trying to learn.

[Goods]

sachsich,
Citi giving a $32 target was the main reason for me. It takes the wind out of people's sails when a major company says they expect another 25% hit. And a down day like today gets the ball rolling nicely. There's a lot more bad news likely for financials. LEH is on the ropes, banks are being shut down by the feds, more writedowns, etc. Still a bear market overall.

STI looks to be continuing it's downtrend that started last year after bouncing off June 15th lows. Option traders are betting against it right now also. I could be wrong about it but the short feels good right now. Tomorrow's anyone's guess but I don't expect much strength overall.

[Goods]

STI was a another victim of my bad stop positions lately. Covered @ 40.45 (+0.35 overall)
Should have given this more room and I knew it.