Today was the first trading day for me due to having to work last two days. By the time I logged on at 8:30 the market was down 160 pts. A quick check showed SKF was performing significantly better than SRS. There was some bad economic news out and I sensed today had a very good chance of big selloff.
First trade at 1 pm (est) SKF 107.08, looked like the market might crack prior low but failed and bailed at 106.50 for a small loss of 0.58 on 100 sh. At that point the dow looks like had support 8820 as it held twice there. At 1:42 the dow was heading down toward the 8820 area with momentum and I bought 100 SKF 107.18, after the dow cracked 8820 I added 100 more 107.59 and the final 100 at 108.08 for an average price of 107.72. I continued to move my stop up and was stopped out 110.21 for +2.49 on 300 shares.
The dow staged a brief rally and when it finally fizzeled and reversed I bought 200 at 109.98 and was stopped out at 111.24 for +1.26.
It was a very fine start in every aspect. I waited for the right entry point and exists weren't too terrible but maybe could've been a little better. I did not over trade, making only 3 traded.
Although the SKF and SRS isn't a perfect mirror image of the market indices it's close enough so that using the movement of the dow or sp500 to time the entry works quite well.
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