Thursday, November 22, 2007

Early to Bed

The market is set to gap-higher, and not a small amount.

I am taking half of this trade off now (selling this week's longs); both premkt and at the open. The other half I hope to hold until later in the session, but if the market action is not positive I will let unload and go hunting elsewhere.

This was a good trade. It is too bad I lost long-trade in the financials (I covered SKF on Wed.), but that was pre-mature stuff anyway. I only want the early returns on a move if everything is perfect; it wasn't.

The leadership stocks are still very strong on the charts, but pessimism is higher than it has been in some time. Even Santa Claus rally hopes are dim. There are other indications of sour sentiment out there - but no time here to get into that.

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