The Wrap 1/9/12

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S&P
S&P

Another choppy day came and went today. My belief is that the longer we go sideways ( days now), the more dramatic a move we will get to see. My guess is that we trade higher.

If you have been following some of my thinking from my recent blog posts and the Sunday video, you know that I think that perhaps the euro may have put in a short term bottom. It rallied today and the dollar was weaker. If this trend can continue for a week or two, I think it will be hard to keep stocks down.

Our market still takes its que from Europe and the euro.

I peeled off another 1/4 AAPL today +$17, and we took an .08 cent stop on the LNG trade (wining trade) and a- .60 cent stop on the TRMB short.

If you are still long LNG I think your fine, I’m just trying to keep the stops tight right now. RVBD triggered and I removed ANF from the short list, as it may have put in a bottom. Right after I removed¬† the stock rallied. I sent an email to that effect. I may revisit it a little higher for a short re-entry.

I have updated the P&L, so take a look when you get a chance.

Have a great night

Joe

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