Another choppy, rudderless day until they shot the market out back in the last half hour again. We are now over 700 points off Friday’s high and certain technical levels are close to being violated. The XLF is pennies away from all time lows, that if breached, in my opinion will be the straw that breaks the markets back. If 8000 goes this time around, expect the worst. See my chart on the $DOW from last night for more of my thoughts.
All in, a very choppy day. I made some great trades and got stopped out on a few but it was a green day. I posted BBT last Tuesday as one to watch and today I was pinged on my screen for the alert. I shorted it at my level for about a buck and re-ntered later in the day at $27.70. I kept it over night. It closed at 26.60. I think the financials are ready to break. It’s a risk but I have a cushion. I also kept a little SDS overnight.
More later, out to dinner with wife and kiddies, both made high honors so off to their fav, Applebees.