{+++}In case you were wondering how fast I can be on the trigger finger, you found out today. I will not give this market time to get the upper hand and today I took some smaller gains on some balances, raised a few stops and got us stopped on a name that I probably shouldn’t have. I speak of KRA. I was regrettably a bit tight on that one, but I always regret things in hindsight.
Today could have been just a consolidation for the bulls, but maybe not. The breakout through 1150 and subsequent failure last week is still on my mind in a big way and until we retake 1150 and close above it, I will remain cautious. With that said, I am leaving some of the long names on the list for another day or two.
We are short the market via FAZ, TZA EPV and EDZ and I will closely monitor those names tomorrow and the days ahead.
Are we going lower? Charts say no, but they are lagging indicator. We are about 88 days closer to tax increases and I’m hearing more fear and loathing regarding that topic with every hedge fund manger I speak with.
Still, some charts look good, so here are some possible breakouts for your radar:
