The Wrap 6/8/11

{+++} I was off the desk from about 12:30 to 3pm today, but found the market pretty much where I left it. It was a slow grind and they just kind of “walked it down” as they say in trading talk.

Sectors across the board were weak and the financials had another down day. We had a soft beige book and the 10 year fell at one point to 2.97. That means investors are buying treasuries (safety) not stocks. Energy (XLE) got a lift after OPEC couldn’t agree on production, but soon gave up the initial burst and closed soft.

We took off half of the GOOG short today for +4.80 and I added URBN late in the day as a short. Two of the short ideas I mentioned last night triggered and they are now live on the P&L. I also added CRR as a long.

The market looks heavy and lower to me, but we never know when we will get that snap back rally. With that said I have added two short ideas tonight. LVS and COP. See the P&L for any changes. Dee you tomorrow.

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