Wow the RUT was curiously strong today….my RUT short got spanked for -5.5% today while the NDX although was looking at a 3% gain this morning turned into a flat pancake by the close. A very strong move came into the close and who knows why? IMO, we didn’t move up enough last week to relieve the hemorrhoidal tension that was building up for weeks prior. Now, that condition as of today is likely relieved so you can put the baby wipes down and take a breather. Seriously straining is bad for your health.

The price action is certainly supporting a possible longer term bottom may have been put in, but I’m not convinced yet. However, I was convinced enough to cash in my short today at the close and step aside. I would look to fade a market gap up though tomorrow.

BRCM reported afterhours and something must have come off the conference call because the stock was up 3% ah and then went down 6%. So that is going to suck anoos tomorrow for my calls and common that I held onto. The BRCM chart was looking great up until the last two days of trading. Ah well tomorrow is likely a get out point.

Things that worked today: Not being in the CVX, ACI, and BTU calls today because they got re-pummeled after yesterday’s poppage, profiting on the CPSL pop today (it looks like another day left in this run at least - I sell too early), profiting on VCLK mini-pop for a 21% hit in the calls, LLNW seeing some volume into the close (getting back to even on that one). I did try to short with some QID, but dumped it before the market went bonkers. I ate around a 2% loss on the trade.

Bought RTK (again) and PWAV (again). What I’m looking at here is turn ups in the PPO and a very nice pattern in PWAV which is consolidating at the highs and potential break could occur here. Normally people buy the break, I like to get in before the break and do a quick risk analysis to see if its worth attempting the buy ahead of the confirmed break. On RTK I like the price pattern, plus the PPO is turning on stronger volume than yesterday. The PPO and ROC are crossing 0 at the same time.

Thanks for reading

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