Thursday, March 18, 2010

State of the Market - 3/18/10

You know what, I just don't have much to say today - this market is a bore right now. Once again, not many lower-float, momentum-type names did anything today and the market really didn't do anything either except for a gain in the Dow. I was stopped out of my NEP position near $8.94 for a loss and I am back to 100% cash. Although I have entered each day this week with a large watchlist on the long side, very few if any have done anything that makes me want to get long. I do continue to see some reversals or breakdowns (NLST, KONG, PCX, SNIC for example) however that have me a bit worried. I think we are in one of those periods where making money is just not that easy and when that's the case, not trading much makes sense.

Since it's March Madness time, it makes more sense to me to spend my time watching hoops than worry about this market, and I think that's what I am going to do. Good luck Friday - remember it's options expiration time. If the recent trend holds, that means nothing will happen. Take care.

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