Friday, August 07, 2009

Quicknote

rStill quiet here as far as posting, but I continue to hold long, quietly; now 39%.

We've seen distribution this week, in the Nasdaq especially. But there are still quite a few volume-breakouts, even on the distribution days themselves, and these have been mostly holding. Action has been weakening overall, but nothing yet too alarming. The glass remains half-full until the market shows worse.

Today we're to gap-higher, following the monthly employment report. If we move back to higher-highs today or Monday, then all remains well and I'll be looking to add further exposure long. If we stall-out, reverse lower, etc., then it may be time to reduce, if not move aside altogether. I'm not interested in shorting until the trend has proven itself negative and the calendar edges closer to September.

I still contend this market is better to be 1-step behind than to anticipate.

Total Position: 100% net-long, 39% invested

Currently Long (according to size): MRVL (8.2%), GS (7.2%), BIDU (7%), CPSL (6%), NTAP (5.8%), CORE (5%)

Currently Short (according to size):
no current position

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