At Gravity's End

The question on the Street is evolving now to whether we'll hold and close above Dow 10,000 (that important psychological milestone), or will we see something resembling a pull-back.

I need a new career - more certain than ever now I'm very likely, definitely doomed. My only hope is Trish is off the air when 10k is hit. I'll likely be forced to sell everything if not.

Internals are strongly positive, but not severe today. INTC, JPM and Dow 10k hats are dominating the headlines, but it is the Chinese ADR's which continue dominating leadership growth.

Security software provider Asiainfo (ASIA) is the latest big breakout. ASIA is doing major volume, breaking out of a roughly 6-month base.

I like this thin name Harbin Electric (HRBN) perhaps most. This is the stock that broke out on the news they were buying another company (an accretive deal; I do like breakouts where the catalyst is driven on buying another company).

RINO (Rino International) is the exception today, but that stock was extended beyond extended, so I'm not ready to call an end to the Chinese growth-stock surge just yet. I unloaded the RINO position at the open today (>27). I will likely lay-off now at least until they price the upcoming secondary.

I don't want to speak more than that, sorry. Good luck with your shorts.

-Total Position: 100% net-long
-60% invested overall
-Pure-longs = 60%

Currently Long (according to size): RKT (7.1%), DGW (7%), HRBN (7%), CFSG (6.4%), ASIA (6.2%, going on 7%), HMIN (6.1%), ULTA (5.1%), CLW (4.2%), SWM (4%), PTI (4%), CHBT (3.6%)

Currently Short (according to size): no current position

Futures Accounts: no current position

Itsy Bitsy Bearish Post

No doubt you saw it - the market traded lower for an hour or so this morning.

I know it was a long time coming and yes, I know there were a handful of red candles on the hourly earlier this week as well, but today was even more convincing.

Than ever.

Well, bears be damned - It's me and Trish now. I'm sitting here with a lawn chair up my ass, sipping on caustic sodas while hot dog mustard glazes pen-protected corduroy t-shirts - waiting for Dow 10,000.

If I were smart (smart enough to write 'Trish and I' instead of 'me and Trish'), I would notice that Trish has now begun asking guests when we will hit Dow 10k and no longer if.

Fortunately I remain an idiot.

The FOMC announcement hits today ~2:15 PM EST. We'll see if candles can glow red on the heels of that biggie.

When will it be time to go short?

Not sure here. They don't pay me to know.