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I got out of nearly everything today except for 1 stock and that not stock isn’t anything special. Running for the exits? Not exactly. Just taking gains in the index longs, cutting the mediocre things, things that sucked (USO, FCX in and out), and taking gains in the things that rocked (C calls, AIG, DIS calls, RIMM calls, ERX).

The 2x SPX long was purchased on 3-5 and getting out today yielded less than 1%, but a gain none the less. For whatever reason I didn’t buy the RUT or NDX. Well the RUT looked like it was too far ahead, but still, those are my usual plays and they did better. I was a little fearful of the “overboughtness” and didn’t want to be locked in with size. Because at Rydex that is what can happen.

The market is overbought. Great we all know that right? Some have been saying the market has been overbought for weeks, some months. It hasn’t been. Today or tomorrow will offer a great 1 day trade to the downside. If that happens tomorrow, I want to be a buyer into Friday.

If it doesn’t then I want to stay in cash or possibly take an extremely short term short trade.

Today was great for certain stocks of mine and I had to dig out of a hole due to the USO calls being nailed right in the morning. The C calls I sold for 210/220% was a great trade. The worst trades of the day were my day trades of FCX puts.

Oh the one stock I own is INSM. Part of a strategy that I missed buying a few weeks ago. I like the pattern as well. Probably not affected by a blip in the indexes.

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