We have one up day and the bottom is. To qoute Tony McAuliffe "ah nuts!", so relax bears the bulls have one up day and they think they are up for the year. We will still win the war, its ok to sit on cash for now and wait in our fox holes.
Just an update on my trades and if you were fading me congrats!
The market does seem to have formed a rounded reversal on the SPX. So we could have a short-term bottom. Corey over at Afraidtotrade.com sees this too. (Great blog check it out)
I did close my SSO shorts this morning. But did go short again via SPY Puts when the SPX was at 722, this afternoon.
I was stopped out of my PFE short for a loss.
I shorted FDO, with a stop at 28.50- I had no idea Cramer talked about this stock and I'm embarrassed he mentioned the same triangle I see, but Jim said he be buying FDO. So I might still be right.
I shorted TRXH with a stop at 8.36
I shorted DF with a stop at 21.50
I bought MEE with a stop at 10.05
Some notes about the day:
$VIX bounced off its 50MA
$NYSI might be leveling off
$SPX closes above 700
Market rallied while Fins were down
10am Geithner talks!
