That's it??!! That's all?? So, you are telling me that's the best the bears can do after something like 8 consecutive up days on the DJI. A measly 40 points up on a day which they dominated pretty much from start to finish. Not very impressive, is it? They have no one to blame but themselves really. Late in the afternoon session, when DJI was close to 70 odd points down it looked like we were heading to a triple digit down day. Now that would have been impressive, especially in light of the low volatility we have had in the previous few days. If you are a bull, there is really no reason for you to be disappointed at all, in spite of the red day.
Personally speaking, I got out of my FAZ position at 14.09, a gain of 2.1%, and SRS at 6.05, a gain of 1.68%. As a side note, I remembering that when I last traded these ETFs, 2% used to be something you could achieve in minutes and I have to admit, I sometimes used to find the volatility in them scary, hence I try to avoid them even until today. But I had to work really hard for the above 2% gains. I got into ADBE at 34.72. It reports on Tuesday afternoon and if you have a look at the previous quarter's earnings, you will see that I am not really out there to expect a pre-earnings run up from here. I don't plan holding into the earnings. I also got into OCLR at ~2.56 and 2.60.
I will be back tomorrow with the weekly trading results (not a nice week!). I will also post some charts and general market indicators to assess what kind of damage happened to the charts today. I feel its important to assess how the commodities and market leaders like GS, GOOG, AAPL held up today. And finally, I will also post some setups for your watchlist for next week.
Take care and have a nice weekend!