The Wrap 6/8/10


Great rally today. It started around 2:30 and didn’t look back. Will it continue? We need to see if overhead resistance becomes a problem. 1038-1040 is clearly support now, so don’t be long if that breaks. Charts are still a mess and the daily chop is beyond frustrating. Great hedge fund traders that I know, 20years + experience that are damn good, are getting chopped up. Too many fits and starts, stop and go’s.

RIG was stopped, so much for counter trend plays.

PCLN moved in and out and it really does look like the next meaningful down day it will collapse, same for MA and FSLR. They just weren’t ready today.


We’re fairly flat with the exception of our UYM long. I won’t be around tomorrow , but the chat room will be rocking all day so have fun and keep it going.

One long.


Good Luck

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