The Wrap

{+++}Slow day today, but there was a continued move in the coal stocks, which includes our portfolio position MEE. We sold another 1/3 for +7.00 bucks, we kicked 1/3 yesterday for +$5. MEE needs a rest and needs to either pull back or trade sideways for a couple weeks. Always feed the ducks when they’re quacking I say.

Apple took a day off and had a much needed correction. Still looks good, IBM pulled back and is finding support on the 20 DMA.

Not much else was of notable interest. The dollar looks higher in my opinion and the commodity sector doesn’t care, more evidence of the decoupling that started recently.

The financials are hanging in there and JPM looks great.

See you guys tomorrow.