Thursday, November 08, 2007

Luke Warm?

Just a quick note. It ain't pretty out there and CSCO definitely helped to make my week, but...

Breadth is positive today on NYSE
S&P500 is hardly lower at moment
NYSE and Russell (broad mkt) are actually higher early today
Nasdaq breadth is merely flat, while hot-money NDX stocks correct

This is not the kind of action you like to see if a market is really breaking down and you are short. I just let go of QID, TWM and new DXD (from yesterday); for the time being. I will fire right back with these if we can eliminate these positives today. Not going long anything US in the meantime either.

Too bad, I was hopeful things might be severe today. Volume is very strong though, thus far, so keeping ready in case things worsen.

I did go long mainland China just now, on the pullback there (long small amnt of CAF; ave. 52.45).

That last part is ironic since today is the day that Ultrashort FXP is (finally) open for trading and I can't wait to get double-short Shanghai! ...for the moment I am long that world instead, but I am about zero-committed to holding if there is further weakness there; Shanghai was down almost another 5% today. Note: FXP will be very illiquid for at least some time.

Oh, the time stamps are all b.s. on this site at the moment; both the stamp on the webpage and especially the stamp posted on the email delivery are out of whack. Anyway, we are 70 minutes into today's trading at this writing and the indices are re-testing their day-lows. Email readers are getting this message in about 14 hours I think - which is pretty funny.

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