The Wrap 6/2/10

{+++} It was rally time on the Street today as the shorts scrambled (for no apparent reason) and the bulls took advantage of the lack of sell side pressure. The bears did the same yesterday for the same reason. Both days were very low volume. Bottom line, it’s been a sloppy start to the month.

Unemployment on Friday

Biden and Obama both telegraphed a good number for Friday. Since I’ve been trading, the unemployment number has been a sacred secret, not with these guys, Oops, did that slip out? Well, the market took it as a buy signal. Problem is from my perch, the rally may be a fade late tomorrow or Friday because it started today, Twisted logic maybe. I could be dead wrong, but this is how the market sometimes works. we’ll see.

We saw some stops today as shorts scrambled for cover and the  bulls pressed. If I seem agnostic, neutral and slightly non-believing it’s because that is how I feel. One day doesn’t a trend make and the volume was lacking. We’ve seen this so many times before only to get disappointed, as a skeptic and a guy that has a good memory, I don’t forget. Geez, it was only last week.


I still love UPI, AKAM, VCLK, IPXL (even though the latter  stopped) and the other longs on the list. I am leaving the shorts on the list for now. They aren’t bothering anyone.

DECK looks good (stopped yesterday) and I had the stop tight, the mood of the market made me do it.

Please check the P&L for adjusted stops and changes.

Let’ s see if we cant ride a quick wave.

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