Sorry for the late post dear readers but I have been enjoying the surprisingly good weather we have been having today with a little beer and bourbon. And not a moment too soon as it has started raining now and we can expect more of the same in the next couple of days. I don't really have much to say today, at least not anything different from what I have been saying the entire week. The bulls just won't quit and today was more of the same. The bears put in an admirable effort, especially earlier in the day, but it just wasn't enough. Watch out for new highs on the S&P.
Personally speaking, it was the kind of day when the brokers made more money than I did. I got out of LCC early in the morning at 7.87 for around 1% loss. It turned out to be a smart decision as it later went till 7.60s. I liked the way the markets reversed later, so got back in in at 7.78. I also got into CSA at 7.14. I was right in that the markets recovered from here but both these stocks refused to go any higher. It was just the kind of day it was. I thought of selling my SDS position at the end of the day but decided against it as it was a hedge against my considerable long positions. Why sell your insurance when you still need it?
But I will tell you something though. I will get out of my SDS, LCC and CSA positions tomorrow and head into the weekend mostly in cash. Why? Well, while I was screening for stocks earlier this evening, I noticed there were hardly any setups I liked heading into tomorrow. I take this as a bad sign. I am not basing this on any oscillator or indicator but purely on a gut feeling when I say that its sucker money entering the market right now. So, I will be looking to sell most of my positions tomorrow. It might turn out that the markets go on higher and I am the sucker waiting on the sidelines. We shall see.
Good Luck tomorrow!