{+++}Tough day for the bulls, I’d be lying if I said I wish I wasn’t 100% short going into today. Just to share my misery with you guys I had my finger on the button to buy 100 OEX November 500 puts at 7.70, I didnt do the trade as I sensed a buy the dip rally in the works, I didn’t hit the button and left $70,000 on the table as they bid 14.80 later in the day. It’s a tough market to trade and it so whippy that even your most confident opinions can get second guessed. I’m pissed and will be sure to get revenge tomorrow.
The e-minis closed below 1066 which was technically significant from my perch and we could get a run down to 1040 now, maybe 1020. The pattern still has time to reverse and with GDP on deck for Thursday and month end on Friday, anything can happen. The dollar rallied and the dollar bulls were out in force. I won’t be impressed until it can string three or four positive days together, last time it strung 3 days together was mid September. For now though, I took BTU off at about a breakeven and ACI stopped, I also sold MS for +2.00 today and they have been noted on the P&L.
The financials are breaking and the BAC short worked very well today, we sold a 1/3 position today and are holding the rest. BIDU got crushed like a grape in the aftermarket and was down over 50 points.
AMAG and VMI also triggered short today.
Tomorrow will be interesting as the bears wait for follow through but the bulls will be looking for a rebound.
Here are a few more shorts that look terrific:
