Nice strategy, but very risky in a bear market. The results in such market:
July 1998: -1,250 points
August 1998: -2,642 points
September 1998: -447 points
Three months total: -4,339 points
Result 1998: -3,185 points
Results for the Nasdaq (1997-2006): 1,676 points
First eight years: 7 points...