First off, thanks to you guys that promptly e-mailed me back about the steel etf that I asked about on twitter. I was jammed up and couldn’t do the due dilly, but thought it was going to crack and wanted to get short. The symbol is SLX. I borrowed some of that, as well as some NUE and X. I went back in the water after getting snake bit yesterday and it paid off in spades. Look what they did to XME today, especially at the close. I caught some great shorts in MEE, JRCC and ACI too. The daily high/lows on these were pretty big and offered shots to make $ short. The GM and Chrysler news killed the steels today. The market hung in and it had every chance to cave, but it didn’t. Interesting.
I was watching my twitters today and I think it is a great example of market volatility in an odd sort of way. Something can look awesome at the open and then cave. Sometimes within a very short period of time. This is why I usually lay in the weeds for at least the first 20 minutes of trading. This is a market that is still trying to desperately find its way, and set down some true leadership. Again, the financials were impressive, and if you put a gun to my head I would have to join the “they bottomed” camp. They need to go lower first for my money though. I don’t think we are going to see the lows for them again, if we do, the market is going to 8000 anyway. Have a great weekend and I will of course be popping my head in now and again.