The Wrap 9/9/10

{+++}The market showed some excellent resilience today and continued its move higher. We’ve been very long for a while and today, as you know, we took profits. The S&P is fighting with the 200 day moving average and it needs to eclipse that level. That number is about 1115.61.

I put on some shorts today, FAZ, BGZ, DRV and we have TZA from last night. It may work out to be just a trade, or not, but if we rollover, we’ll print more loot than Bernanke. The market is still in an uptrend, but if you don’t bend you break, I’m just looking for a hard bend.

There are no new additions tonight, you guys know that I like to play Friday’s slow anyway.

Have a great night. See you bright and early.


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