http://www.stockrake.com

Taking my lumps and closed out all my shorts this morning. Yes the market could reverse, but it could also be starting a new leg up. Everything I know and trust is still long and only some minor items have started to turn. I’ve been leaning on intuition to spot a market turn here and price will make intuition look foolish everytime.

Bought back ARNA and DYAX. Look at HOTT and FDO today. They were clearly good trades, but needed to wait till Friday at the close to play them.

From a SPX pink line perspective, SPX is rallying to just below the pink line from the underside. Sometimes its a sign of a test and then a drop. However, it could also be a bull trap, where the SPX will roll right through that and do the next leg. So I’m waiting from here.