Wednesday, March 04, 2009
1-Day-Wonder action in effect for the day w/ strong internals and now higher-highs on the session; and the SPX is above the 710 pivot (at this writing), a positive for the near term.
Machinery/Construction Mining, Steel, Oil and various industrial groups are strongest today, but save for a few GE debacles, the tape is strong throughout. I went for heavy QLD (NDX double-long), JOYG and ASTE (thin).
I did indeed wake up early and I was fortunate to wait and use the negative ADP report to eliminate 2/3rds of my short exposure gracefully (follow my Twittdope live to keep up >>>)
I will be reducing size dramatically by the end of the day and I won't be surprised to see us close on highs. Tomorrow I cannot say...could be anything at this point. Today is the day to make LEMONADE.
The thing to remember - a broken, ugly, helpless, pigmost market has the strong tendency to rally very strong AND for about 1-day. Woot woot!
Total Position: currently 3.2-1 net-long, (64% invested)
Currenty long (according to size): QLD (NDX-double-long), JOYG (daytrade), MYGN, HOC, SNDA, NFLX, ASTE
Currently Short (according to size): [Edit: I was already out of all SDS at this point], COV (new), PRU (new), VNO, AEM