5pm Today looked like more of a breather today than some sort of bottom. It looked like the markets took a nap while Bernanke and Geithner danced around questions about the economy and the federal budget. The key 700 level on the S&P was breached again and we closed below it today. The massive selling below there will be triggered at about 685-680. The next stop is going be in the 600 range. You need to stay net short the market. Be aware that there will be a massive short covering rally soon. It has to happen. Look for it.
That said, I sold my long (FSLR) position today. Just like I said in my last post, I was looking to sell at a 10 % gain. I set a sell order at $114.15 and it was triggered. I will take 10% in a couple days, thank you very much. This is the hallmark of my strategy in this market. Stay small. Stay nimble. Take profits when they come to you. I planned to buy more as the stock went lower. It never did. I took profits and I am happy.
(DXO) looked better today after the selloff in oil yesterday. I am still long and longer term bullish.
I think we head lower but there are still ways to make money. Until next time, stay low risk..
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