Thursday, January 17, 2008

Last Chance to Dance

Gapping up these days is an ugly set-up for the trading day and I did start cutting names on strength early on...then continued to chop as the market reversed. I moved out of ~40% of my total portfolio. Most of that underwater.

I'm churning and I'm burning and it looks like I'm going down fighting. I'm actually up on the day, a fresh change and one several positive divergences out there at moment, but I'll churn it almost all out in the final hour if this is not improving further.

The market so far continues to view further bad news as negative. That's not how I wrote this script.

In fact, I just put on 3 trading buys, based on several positive divergences on the tape. If this does not re-reverse upward later today, I will sell it back and sell more of the pre-existing position. In that case I will be out-of-fight-and-light for tomorrow.

Okay, the Dow and SPX are flirting with new lows now (I am no longer up on the day), but the NDX is well above the earlier mark this morning - time for the Plung Protection Team to kick in at 2:30 - we'll see.

I bot SBUX (19.25 ave.), KLAC (43.13) an I bot back the JASO sold in the first hour (66.38 ave.)...at 62.78.

Earlier I let go of all GENZ, CVI, CPHD, OII, HK, LNN, CZZ, AKNS and HOLX.

Current long Positions (by size): KLAC, APOL,
SBUX, JASO, FCSX, SUNH, VIVO, PRXL, CAF, YGE, GHXD, IRIS, SOLF, TISI, ONXX, TITN, CSIQ

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