The Wrap

{+++}The market struggled yesterday even with the great number from Apple. It’s the same old question, is the market basing or topping? Tough call, so we have to keep stops tight and move fast.

Greece is back on the front page again and folks who thought that problem was resolved will be proven wrong I think. My regret was not re-entering EWP short again over $45 as I think the Eurozone will have big problems going forward, any rally in the sector and I will probably reload on the short side.

The Goldman story gets more interesting from both sides. Some say the SEC has a weak case and has many contradiction and there was speculation yesterday that both the U.S. and Europe will drop GS as their broker.

Financial regulation will come to pass with a final vote on Monday I believe. I saw an analysis of what is actually in this legislation and frankly it scares the life out of me. We’ll see how the financials respond over the next few days, but I am more cautious on that sector than I have been in months. Now that earnings for GS,JPM and BAC (the big three) are out of the way, I wonder where the next catalyst will be for the group. My short play in the sector (not yet) is shorting FAS.

I have updated the P&L and I will update if I see anything actionable via the blog and the chatroom.

Have a great day.

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