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RUT gave me 3.2% today while the SPX gave me a mild 1/2% gain.

FXP and SRS both didn’t yield any gains for me today, in fact SRS pulled back.

I bought TWM early this morning. When the market rallied midday I was down on that trade around 2%, however, the market sold off again, making the TWM trade profitable by a smidge.

The market is “oversold” here, but its not really oversold to a level that would give a high probability bounce. In fact the levels where the market is right now can lead to an extreme oversold condition before giving a bounce which would mean more downside is in the market’s future. Tomorrow? Maybe, maybe not. If tomorrow is up, I’d say that the market will dropping big shortly after. If tomorrow the market gets nailed after the Fed meeting, then it would setup for a hefty bounce.

I’m still short in a big way and if the morning provides a nice down move I may lighten up bit on my shorts. I might not though at all. I’m really tied to this short trade.

I’m really impressed with the way solar stocks have been acting during this down draft. One day its FSLR or ESLR and today it was LDK.

Yesterday I thought CVS and KR looked like interesting short trades. Forget KR, that thing popped 8% today. Actually it might be a short term short trade now. Noooo forget that one. CVS still looks promising.

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