The Wrap 8/31/10

{+++} Tough market today, it head faked us agin as a rally looked like it was brewing on several occassions only to fail. We hit SPX 1040 like I thought might happen. It bounced off that level, rallied and then failed but held 1040. That number (1040) is now the line in the sand. If it gets breached, we should see 1020 as a first stop pretty quick in my opinion.

We took some profits on RIMM and DGX and I initiated GES and AMED as shorts late in the day.

I have added a few longs tonight and I have adjusted some stops, so please review the P&L. No charts on the new names due to some technical difficulties but the daily patterns look terrific. Feel free to check them out

Tomorrow begins a new trading month and it is historically a tough month for stocks, so we need to stay nimble and not be afraid to change direction quickly.

Previous Post
The Wrap
Next Post
The Morning Morsel:Risk Trade On-Will It Last Through Lunch?

Recent Articles