The Wrap 3/10/10

{+++}Another snore fest was thrust upon us today, oil rallied early then rolled over, the same went for the materials. The financials are in break out mode, but (XLF) is up against the last chunk of resistance around the $15.75 level. The sector is WAY overbought and I expect a correction soon.

I added to some VXX long today, I’ve been nibbling on the up days, which seems to be almost every day lately. LOL, you guys may consider some type of hedge at this point too. Some vehicles that fit the bill are : SDS,QID or DXD.

Please understand I am NOT calling a near term top for the market, I am just suggesting that you exercise caution and try and be hedged to protect profits. As you can see, I have been scaling out of longs at nice profits. We can always buy back in if we launch higher.

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