First off, all the names on the board this weekend were phenomenal successes, the longs and the shorts, and yes, the financials were way short term overbought. I hope everyone did well. I returned home late today as I shorted a bunch of stocks in the after market. I killed AAPL for about seven points. I’m never long or short through an actual earnings reports, but I have no problem shooting them when they are crawling across the floor trying to catch their last breath, as AAPL, AXP, MRK, COF and UYG did. I kept UYG overnight. I was short STI and UYG most of the day and just shorted the rallies and bounces in most of the financials when I could grab one. Steel and coal were very strong today and and the fertilizer/agri. plays were strong as well. The AXP conference call was dreary and depressing and I think the financials will give some more back as well as the market in general. We still have problems and they haven’t been resolved because a three day bounce. Everyone was way to giddy.
When the leaders in the market like GOOG and AAPL, which NEVER disappoint, start disappointing it makes me think the jig is up
CELG,CEPH and IBB performed very well today and these can be good names to hide out.