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Being long the RUT. Today the indexes dropped on lite volume, but aggressively ans suspiciously sold off near the close. I said last week that weakness this week should be bought. The Fed meets next Tuesday and we will get a decision on interest rates. I sold half my index long position today because I think tomorrow the market is down again, but I will be buyer tomorrow of the indexes depending on how badly we get hit tomorrow. I want to be long going into the Fed meeting because I think the short term bottom is in and that the Fed can kick start a short term trend to the upside. On my half sale I took a 2% loss, but again I’ll be putting that cash to work tomorrow.

Cramer mentioning ICOC tonight. It sucks, because I’m not in. Actually he didn’t mention it, but thanked a caller for mentioning ICOC during the lightning round and he didn’t know the stock. He then said he would wait till Friday to see what the quarter brings. I’ve done really well with ICOC in the past and missed the bigger gains by not holding on. ICOC had pulled back quite nicely to a weekly trendline that could be a good buy spot. The other thing going for this little chemical company — falling crude prices. The setup here could be for better than expected performance given the high crude prices last quarter.

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