Thursday, February 11, 2010

State of the Market - 2/11/10

Sorry, no post today - I'll try to get something out tomorrow morning. We are at the painting stage of the basement remodel/finish and I was doing the ceiling today - using a power sprayer for the first time. It was messy but easier than I thought. Anyway, the market did move higher today and over the numbers I have been mentioning, but I guess I am not convinced. The market zoomed right to those numbers and then just drifted higher for the rest of the day, closing slightly over them, but not in what I would call a powerful manner. Nothing can be easy in this market. Another negative about today is that the financials could not close above their heavy resistance and I find that disconcerting on such a nice day for the overall market. For some reason, I am doubting this is a real rally.

I am in cash (you can check out my trades on Twitter today - I was posting throughout the day) and am willing to do whatever here. The short side is very tough right now but I am still seeing many more setups on that side than on the long side. I really don't know what to do right now so maybe that means I should take it easy a bit. We'll see. Take care and see you tomorrow.

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