The Wrap 5/23/11

{+++} It was a down day from the get go and the bears weren’t shy about expressing themselves. The financials broke, and so did most commodities as the dollar roared higher out of the gate as more European fears started to grow roots in traders psyche’s.

We’ll see if the bears have a follow through day tomorrow or will the bulls step up and give us a snap back? We took a profit on our financial short (FAZ) for a +4.3% profit. We put the trade on Friday afternoon. I also covered 1/2 of the OPEN short +4.5%.

Please check the P&L for any adjusted stops. I am adding some newbies tonight. Three longs and a short. Good luck. Things are getting interesting.