The Wrap 5/17/11

{+++}It was a down and choppy day. There were many head fakes too. CAT and HPQ were the main reasons the DOW got hit, but same names that got demolished yesterday over on the Nasdaq like GOOG, NFLX and AMZN recovered a bit today. As I said last night we are oversold and could get a good bounce, but the trend has changed and we are definitely in a correction. The question right  here and  now is do we thrust lower, take out support and get this correction over with quickly, or will it drag on through summer? Bottom line, the trading should be pretty good going forward, long and short.

It was mixed on our board today. we took profits in CZZ +2.8%, OSK +3.8% TZA +4.5% and ERX 1%. We had a few day trade stops that included ERY -2%,  TNA 0.5% , XEC -2.2% and CSTR which was a swing long -4.0%.

Good time for a deep breath, so nothing tonight. Have a good evening.

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