The Wrap for 6/22/11

The market rolled over today after yesterday’s (weak) rally attempt. Not bullish action at all for my money. The volume yesterday was a bit anemic even though it looked good. As I said on the chat room today, reversal days need monster volume, not the junk volume that yesterday showed us.

We took some profits today (see P&L for updates), but ZAGG was a 25% winner for us in less than a week. We took off HS and took partial profits on SBH & ABV. We also covered the last very small piece of our ITMN short which was a great trade.

Let’s see what tomorrow brings as the market has a lot to digest and this has been nothing but a headline market, which is typically difficult to trade.

If I see anything tomorrow I will let you know via the chat room and by email. Hope you had a great day.

Joe