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Well when I said we could get 1-2 days of up move 2 days ago, I didn’t expect as much of a move that happened today. Specifically in the SPX and NDX. The RUT, the leader when the market was rolling upwards, was up a meager .26% today or 1 point. The NDX was up 2% or 35 points and the SPX was up 1.38% or 17 points. Does that tell you something? More of the weakest items bounced the hardest while the leaders, the ones that had the best relative strength are now getting weaker or not reacting when the market has a big day.

I’m a bit bitter because I didn’t take my profits in the index shorts this morning when it was there. I got greedy and let the gap fade hit me and turn a great overnight trade into a loss.

However, if I did get out this morning I would have thrown it right back on at the close, so I stayed short. I got more short at the close = heavy.

QCOR – Popped today on an upgrade.

Currently own MZZ, TWM, SDS and short NDX, SPX, and RUT.

I’m expecting a little more tomorrow in the morning to the upside that will eventually give way to selling.

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