Monday, April 13, 2009

Goldman Slumber

Indeed the market is pulling back some today, but so far it looks like constructive, consolidating action. I'm not getting too excited either way at the moment.

Big banks are strong on a relative basis today and all eyes point now towards Goldman Sachs (GS); where earnings are due tomorrow before the open. Plenty has been said already and while I am not going to argue that Satan himself is not the whipping boy of GS, I will merely point out the stock is 1.) a bellwether and 2.) it has remained very powerful on the tape and 3.) Goldman gets the girls.

I'm probably going to keep things light until tomorrow's action is seen. As long as GS does not break the 200-day ma (now well-below at 113.72) I am not likely to attack any Financials anytime soon. If GS breaks back below the 200-day tomorrow, I will likely be firing at that group.

While I may adjust somewhat, In the meantime I am looking to keep things light.

Total Position: 2.15-to-1 net long, 43% invested
(Note: due to the leverage of SDS, accounts play closer to 1.5-1 net long)

Currently Long (according to size): CYOU, ARST, MYGN, RJI, WNR, MNRO, BKE, CHKP

Currently Short (according to size): SDS-long (SP500 Dbl-short), AAPL
(Note: inverse-ETF SDS represents being dbl-short the respective index)

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