A whole lot of huffing and puffing by both the bulls and the bears but in the end, the markets went nowhere. The bears will be pleased that they were able to drag the bulls down from a position of considerable advantage early in the trading day and the bulls would be pleased that they were able to close the markets in the positive territory inspite of bears threatening to take control late in the day. In short: A whole lot of nothing.
Personally speaking, I went long PAL, shorted SOLF for intraday gains and am holding a small short PLCE position overnight. This was from the shorts watchlist that I had posted over the weekend. FLS is looking good too. Its been so long that I went short that I can't remember the last time I was short! My short positions are in no way indicative of my bias towards the overall markets but should be just looked as taking advantage of short term opportunities.
Apart from the small positions in PAL and PLCE, I am in cash here and that I believe is the right strategy here. It was dull, boring action for most part of day but the best part is, it brings us one day closer to Wednesday!
Take care and good luck!