My situation/ the market situation

I've done some anticipatory trades this year, expecting a fall in the stock market. However the most powerful down movement in the year had happened without me. The main error have been to not to try a short after the second failed test of the 1420.

This week I've tried some counter-trend operation in Spain. I tried going long SAN and REP in order to get some money in a rebound. The stops have been very tide because the reward expected isn't very great. The Spanish stock market has been going down hard this year. That has been an excessive movement in my opinion. The spread between Spain and the rest of Europe and USA can narrow.

REP has his own problems with his Argentine filial called YPF. I think there is a lot of value because the market discounts a bad solution for his problems with the Argentina government. This is my first bet in the rebound.

For the SP a break of the 1360 would be very bearish. My bet is for a rebound to 1395-1400 where I will start my short positions another time.