6/08/2010 Market Recap…

Well we held 104. It was a bit of a drunken slopfest chopfest. But we held. usually when a stock or market is on support and we hit oversold levels the risk to reward favors going long even if your gut says no.  In the end  if your wrong you’re risk is minimal as you can always dump when market breaks. The main positives are that we closed with a rally instead of hurling our lunches the last hour of trading and we held 104.   My one suspicion is that the QQQQ ‘s and Russell did not participate and without those 2 any rally is suspect.  We still might pop for  a day or 2 as we are still very oversold and on the bottom of the $spy 110-104 trading range.
This market is nearly untradeable as even with the solid close today you would have been whipsawed out of any position you bought earlier today as market went from red to green to red to green.  In that even best thing to do is sit back and scalp for 2-3% gains or build positions to trade the extremes of the market.  Today I traded $fcx $dndn (2x)  $cpwm all for basically 1.5-2% gains.  i miss saying booooooooooooooooooooom. but u take what the market gives you or just sit back and make watchlists and domestic gay shit like mow the lawn.  Or you can do what i do and look for summer love!!! Ponder upon the important things of life such as the potential reunification of the 2 koreas, or if that funny mark on Gorbechev’s head had hair growing out of it.
These markets never last too long. We’ve been in this downtrend now since May.  Soon enough there will be a time where the probabilities turn in your favor and good opportunities present themselves.  Till then chill and trade fast.



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