We gapped-up a little higher than I was comfortable with, but I did go ahead and stick my neck out somewhat and started scaling back into some shorts. This follows a small re-entry of QID just ahead of the close yesterday.
I'm now long Ultrashorts QID (average of 39.17) and SKF (average of 85.90). In other words, I'm short the NDX and the Financials. The SKF was a great entry, as it turns out. The QID is a little suspect, since the NDX is out-performing the other averages today. If that continues, I will unload it rather quickly and either wait it out a bit, or swap for the TWM (Russell 2000 Ultrashort).
I also re-entered retailer COH short today, at an average of 36.58. I am looking to enter JCG (shorting the turtlenecks), but nothing yet there.
While shorting the up-open was a bit scary today, the tone of Maria Bartiromo's voice lingering in my head from the close of trading yesterday gave me the confidence I needed to fire. Sure, the market made an impressive 1-day showing, but CNBC enthusiasm was far too high for the situation. At one point she blurted that even if the US is in a pinch, the GLOBAL ECONOMY is still very, very strong.
I keep hearing this, that the US weakness doesn't matter so much since we have a global economy, which will underpin prices.
I'm in a mild mood, so no tirades here (sorry), but good luck on that one Maria.
Breadth on the Nasdaq is already negative today and volume was notably lighter on the bounce yesterday than the declining days earlier.
It's still early, but nothing leads me to believe yet that yesterday was not indeed a 1-day hurrah.