The Wrap 2/22/10

{+++}Sluggish day but we caught some triggers on FSLR, GGWPQ and DNDN, some of you may have let EWP rip as well. I’m short and long all of the above and hit EWP pretty hard, I just don’t trust it and think it may be the calm before the storm on the latter.

The oils didn’t do squat today and I misread a bullish day in the sector, I thought the takeout of SII by SLB would have triggered the oils higher. Sign of a weakening market? Maybe. XLF is up for its eighth day in a row and I shorted some FAS around 3:30. Very bullish chart, but volume has been falling off a cliff everyday on that one.

More economic news on the docket tomorrow, so stay tuned.

Sorry for brevity, but have an overdue conference call.

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