The Wrap 7/8/10

{+++}Mr. Bull came out of his cave late today after so many head fakes and false starts. Bottom line is that the bulls went for the brass ring for the second day in a row without much discouragement from the bulls.

We took profits on balances in RINO and AMZN and we have a long in APKT (I raised stop) and initiated swing longs in FAZ, SMN and SRS. There isn’t much economic data at all tomorrow to screw up the party for the bulls so I will be watching things closely. LLEN is very close to triggering as a long, so keep your eye on that one tomorrow.

I am not a “big” believer in this rally, hence the shorts via SMN,FAZ and SRS. I know I was leaning a little bullish last night on DRN and some of the commercial real estate names,but after much thought I felt more comfortable with SRS. As you know things can change by the minute around here. I just wanted to be clear, hope I was. If it goes against us, I will let you know quickly.

I have added IDT as a long for tomorrow, it looks good right here or 15.40 for break out area. I hope you had a great day and I will see you guys early. Have a great night.

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