{+++}The market opened higher, but got faded as the news of Ghadaffi’s departure was yet again greatly exaggerated. I am trying to spell his name differently every night too.
The financials were weak, materials and oil stocks were soft as oil eased a bit. Steel, coal and technology were also weak, so basically an across the board sell off. The minor rally spurts that we do get off the phony Ghadaffi rumors, does however, give you an idea of what the market may do when this lunatic walks the plank. A very strong rally I would expect, although it my only last a day or two. That is why I also don’t want to be too short.
Even though the market had challenges today, we saw triggers in several names: FOSL, TPX,MHS and X (short). I also added UYM for a swing trade long via email alert. We also took a partial profit in FSLR and a total profit in CREE as the market turned and started to rally.
I have added two longs and two shorts tonight. See you tomorrow. Please check the P&L for tonight’s entries and stops as well as any other changes that were made. I plan on slowing it down a little after tonight with new names until we monetize some more positions.
