Five minute SPXU chart here ... SPXU is an ultrashort (-3x) SPX ETF ... block those acronyms! Good liquidity, should be a decent daytrading vehicle. Anyway, when the market is going up, I like to look short the short funds. SPXU gave two spots yesterday, but working off the five minute is tricky because the stops are so tight. If you shorted the 12:55 bar (spot 1) and put your stop above at 55.60, you would have been picked off. But if you put your initial stop above the 11:20 swing at, say, 56.05, you'd be risking more than you'd be expecting to make (at target 1), and that's a recipe for disaster. Never risk 50 cents to make 50 cents.
