Went short with the indexes this morning and it was a rough way to get to the finish line.

Markets blasted up and by the morning price time window rolled around the NDX was already up .50%. That was good for me to take a shot. However, the markets rallied even more. The Dow more than doubled and I thought my position was screwed.

Usually on days like this I just leave the computer, goto the gym, and let it be. When I got home, the Dow had chipped off about 40 pts from its highs and was still dropping. Better yet the indexes I was short had given back their full morning prices plus were negative. I was already up 1% at this point, but it got better. NDX continued the drop and I nailed about a 2% gain there + a RUT gain of around 1%. Sweet.

CPST - Rallied nicely up to 3.88 before settling at 3.71 up 6.9% today. I sold a little bit of my CPST in one account today. Taking in a 24% gain on that trim. CPST really has been my stock of 2008. I first profiled CPST at Clean Green Stocks on December 6th 2007 at 1.36

HXM - My Mexican homebuilder did well in an otherwise crappy tape. Made a new 52 week high today quietly.

EWZ - Tagged 100 bucks today.

I’ve been in and out of a short in the USO in the last week and I want to get back in. The refiners are starting to turn upwards here and the oil contingent is starting to turn down. A drop in crude oil prices may stabilize the US markets, cause a dollar drop, and spark MORE rallies in the “emerging markets.”

I like VLO, TSO, and FTO there.

Now if and when Oil does drop, the solar stocks are probably going to get slammed as well.

On the emerging markets, I love Mexico. EWW, HXM, CX gets it done. I might have to make a Mexico stock list.

My old buddy ABAT has been doing well lately. I want to get in on a pullback. AOB has also been acting very strong as of late too.

I cashed in my index trade at the eod and am going to be a morning buyer of weakness. I’m hoping for it to be bad.

Thanks for reading

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