I covered some financial shorts early before they rallied. I was lucky. I shorted MS pre open and covered for a point and a half within the first half hour. UYG, WB and LEH were covered from yesterday basically at the lows of the day. FDX started the day off with a bad number and a gloomy outlook. This is a company that is quite a tell for how the economy is doing. I caught CHK for a beautiful trade before it decided to roll over with the rest of the sector until it strengthened later in the day. I caught a little name, ABAT, from $5 to 5.50. The chart was amazing until it gave up the ghost in the afternoon. I will be watching this one in the days to come. If it can get through $5.70 with volume it should explode. It’ s a China name that makes batteries. I know, the hair is up on your neck from the excitement. Oil went away near the high of the day and the financials tried their best to rally. The only reason I covered the financials was because I caught the gift of a bad open. I still think they go lower. The XLF breached the March low that I have been watching for weeks but quickly recovered. The DOW also broke 12000 for a short period. All in, it’s hard to be bullish right here. It really is all about the oil bubble popping, and when it does we will see a rally of enormous strength. The question is when? Stay liquid so you can play when it does.
PS The steel stocks came on strong at the end and I caught AKS for 2 pts. I forgot about that one. I almost took it home but it’s not the take home market for longs yet. Keep an eye on it though.