The Wrap 5/26/10

{+++} Another whack fest and welcome to the jungle. More fear and uncertainty led stocks lower. The market was heavy all day and it was not the kind of rally the bulls needed to put together to impress anyone.

The financials folded like a tent again. The materials hung in there and technology was iffy at best and AAPL closed on the lows.We made a great sale on our stock (aapl) at the open up around $250. It wasn’t as bad as the other day, but we did give back a huge chunk from top to bottom on all the indices.

The country ETF’s rolled over again, but none as badly as Spain (EWP). The Euro is still screwed and no one is a believer in Europe now, too many moving parts. When there is uncertainty, there are sellers, and sadly I think we are on the same track. Too much debt, regulation and higher taxes coming. Let’s not forget jobs, NOTHING much on that front.

From my perch I think it could be a tough couple of days for the bulls. I could be very wrong, but I don’t see much closure on Europe coming out before the long weekend. Remember, we are closed for trading on Monday and the days before a long weekend can be tentative at best, especially when there is global strife.

No new names tonight. Remaining positions are a 1/3 short in PCLN, long VXX and short POT. Have a great night.

P.S. If you are not getting email alerts do this:

1- check your junk or spam folders, sometimes it can caught there.

2- add my email to your address book on your e-mail. It is [email protected]

If that doesn’t work, after my head explodes, I will figure something else out, but that is what the tech folks are telling me to relay to you guys.

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