Thursday's bets

Yesterday's rally on the S&P came to a halt and reversed but we are still above 1500. There's a nice gap opened up this morning so I've bought the S&P at 1502.3. I will get out and take profit if/when it hits 1507.4 and my stop loss is at 1494.6.  It's a classic gap trade and those have worked very well for me so far in the past few months. In my last ten gap trades, I've got about 8 right which is great as the stop loss is just one and a half times the potential profit.

Starting to get Cheltenham fever in the racing. I've tried not to get caught up with the hype this year and don't have any ante-post bets as I think it is better to have a bet on the day with everything known rather than getting attached to a horse too early. However, I'm writing an article for a Cheltenham magazine today and I can't help getting excited. Can't wait!

One bet for today on the favourites strategy, priced around even money:

3.00 Hundington - Tetlami
Useful hurdler who made successful start over fences at Kempton despite an early blunder, and errors again crept in when second to Overturn at Musselburgh last time. This is easier.