Well there we go… the SPX(1344.33 -0.57) appears to be getting off to a late Christmas rally.  I was really hoping this would materialize before Christmas and into the new year as my positions are heavely into 2X products that get killed by whipsaw.

Here is a six month SPX(1344.33 -0.57) chart that shows our current move, and that resistance is somewhere around 950. If we can continue to push through the 923 level we will be in good shape I think.  I’m expecting this to push forward towards 950 and take my profits at that point.

Right now, my _FPX position is just getting killed both in my personal and papermoney accounts.  Papermoney has a bunch of SSO(53.07 +0.00) and QLD(100.27 +0.00) as well that I added a week or two ago.  I’ll be putting in the conginent sale orders as we step up in that account as well.

This rally will likey not last, I’m expecting this to be a simple wave 4 of the major Elliot Wave pattern we are currently in.  This could rally up to the 1,000 level on the SPX but I wouldn’t bet the farm on it.  For me, 950 is the get the heck out mark.  I’ll re-evalutate at that point and possibly beging to get some longer term puts in place to pull down additional profits.

My goal this year is to trade a little less often, during the last three months of this year I placed litterely hundres of orders that were filled.  For a guy that typically places about 50 orders a year, that volume in Oct, Nov and Dec was just nuts.  Trading swings and trends in my wheelhouse, and I need to get back into that mode.

2008 was a great year with my personal account being up almost 100%.  I am down quite a bit from my peak in 2008, but still a great year.  I expect to have a great start to 2009 as well.

I’ve closed my FXP(22.73 +0.00), SDS(16.77 +0.00), and SRS(30.85 +0.00) positions.  I’ve opened an SSO(53.07 +0.00) call position for January as well.

As expected, it appears that President Bush is going to tap the TARP money to bailout the auto industry.  I’ve taken advantage of the low open this morning and scalped a bit of profit.  I set my initial sell orders a bit too high and missed out on some nice profits.  However, a quick 15% overnight scalp is not too shabby.

My portfolio is positioned all using the markets money right now with SSO(53.07 +0.00) and QLD(100.27 +0.00) as my two biggest positions.  I’m banking on a Christmas Rally in the next few days/weeks.