I was in cash heading into this morning’s nice up move. I went short with the index funds as the market rose and sold those AAPL and RIMM calls for nice gains today as those two stocks popped. I added to those short positions at the end of the day. You know there is talk that the July lows held based on the upmove today, but I’m not buying it. There might an up day tomorrow, there might be a down day tomorrow — I don’t care. I’m looking for the most weakness to occur either tomorrow or on Friday which would imply a break of the lows we’ve already seen this week to happen within the next two days. If this doesn’t happen then a false “July Lows” bottom will be put in here and we will break it later in the year and we won’t see a December rally. Just my guess.

I didn’t give a short trade yesterday so today I’ll give two. Previous short trade was FSLR.
RIMM, GOOG

A couple of long plays that look good on a pullback are AMGN, DNA, VPHM, HA (new high - a damn transport stock - airline!).

Thanks for reading

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