The Wrap

{+++}The day was basically a chopfest. We started weak and then Bernanke basically said…well…nothing, the market tried a rallied but then fell a bit under its own weight and closed basically flat

I wasn’t long anything today and traded PNC, APC from the short side. I tweeted them both and they did well.

The dollar started strong but then faded when Bernanke reiterated for the 4000th time that he would leave rates at zero for all eternity.

The S&P held 1100 but the financial sector was a big drag and I am waiting patiently for someone to put the group out of its misery.

WFC looks weak and was told today by the government that they may have to raise as much or more than Bank of America to get out from under the grip of TARP. I’m watching STI as a short, but not yet, I will keep you posted.

Keep your eye on VISN, it triggered but looks interesting and here is a new long:NANO


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