The “Thanks Kerry” trade. As I’ve mentioned, Kerry and Alex generously share a ton of market insight; sometimes even as minor details. For which, of course, I am grateful. A couple of days ago, Kerry noted at the end of his market wrap that prices were rallying into resistance. I decided to set up a quick trade, since the bounce into resistance and subsequent failure usually offers an edge. He was right, the market had rallied into the huge swath of supply overhanging SPY 1175. In addition, prices were ST/OS and facing the declining 20 EMA, which often acts as resistance on the first move up. I shorted the market by buying SDS, the SPY inverse ETF on 5/12’s close. With the market down around 200 points mid-day Friday, I sold my position not wanting to lug anything around over the weekend.