The Wrap 5/24/11

{+++}

Today was a study in market indecision. The bulls pondered charging the hill and the bears wondered if they should press their short bets. As a result nothing much happened except for a lot of churning and false starts on the long and short side. Very frustrating action for sure.

As a result of some general market weakness I thought it was a good idea to take some off. I took early stops on WCG, CSTR, THOR and AGP I sold AGN and IMAX flat. Those trades will look stupid if the market rallies 150 tomorrow, but the action on the charts was not good and I have to go with my instincts. I could make my stops much wider, but that wouldn’t be good if the market decides to break 1300 and drop 30 handles quick, so it is what it is I guess.

This is probably the worst market action that we’ve seen in months. Not only is it a challenge, but on occasion the action just bores you to tears. Stops are paper cuts, they sting and can be annoying.

Nothing new tonight. Please check the P&L for daily adjustments.