http://www.stockrake.com

The Bears think we topped. There were parades today at all the entrenched bear sites as they got a move to go their way after being wrong for a month. It was a great short. I didn’t take it, but I did avoid it.

I bought a little RUT at the close (about a 20-30% position) and I’ll buy more in the morning with a drop in the early trading session. Momentum typically doesn’t turn this fast, so I think we need to hang up near the top or new highs before we truly top. From what I can see the market is relieving ob and os conditions. Of course anything can happen and changes could be made, but what is happening now is that the market is still pointed up for the short term. Until that changes, I’m not changing. With that said there was enough information to not being holding long going into today. Now that the VIX went nuts, the bears got giddy, and the market scared everyone, we might just have had a typical pullback that normally would have taken a few days under a lesser numbered VIX.

I still own, GMO, KLIC, CRIS, CRIS, CPSL, WEN, SBLK, EVK, SPPI, SYNM, BLDP, IPHS

and I purchased some VGZ as a spec idea based on the daily chart.

I saw this, but essentially took the day off.

Related Posts